ISLAMABAD: The Federal Board of Revenue received about 1.38 million tax returns for the tax year of 2017 till May 6 with the growth of 21 percent over 1.14 million returns a year ago.
According to official sources, number of return filers increased owing to initiatives unveiled in budget 2018/19 to curb tax evasion.
The officials said the return filing momentum would increase after June 30 when the new changes to income tax laws would be implemented. The officials at Regional Tax Office, Karachi said taxpayers included in active taxpayers list (ATL) would be able to buy properties and vehicles from July 1 under the new law.
“Non-filer individuals, having taxable income, will have to declare their assets for purchasing immovable properties,” a Federal Board of Revenue (FBR) official said. “From July 1, only return filers will be able to purchase properties valuing above Rs4 million.”
Officials expect return filing number to exceed two million for tax year 2017 before the launch of new ATL on March 1, 2019.
The government might take over or purchase properties by paying 100 percent amount of the declared value under a change introduced into the Income Tax Ordinance 2001 if a non-filer conceals property value to avoid examination by FBR.
