FBR to charge Rs.1000 daily from late income tax filer.

Business

According to sources, the Federal Board of Revenue (FBR) will charge taxpayers Rs1000 each day if they file their income tax forms after the October 15 deadline.

According to individuals familiar with the situation, despite extending the deadline on the traders’ insistence, the FBR failed to meet its goal of expanding the number of taxpayers to 3.5 million.

“Until October 15, 2.6 million income tax returns totaling Rs48.6 billion were submitted with the FBR,” a spokesman for the tax collection organisation said, citing a 45 percent increase in income tax returns and a 65 percent increase in revenue collection.

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