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The FBR prohibits additional extensions to the income tax return filing deadline.

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3 weeks ago

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The FBR has rejected a second extension of the deadline, which is due today (October 31), after two extensions were granted.

Over 5.01 million returns have been filed thus far, and the tax returns process has generated over Rs125 billion in revenue, according to FBR officials.

Taxpayers have been instructed by the tax authority to submit their returns by midnight tonight. Identification of non-filers or late filers will begin on November 1.

When late filers buy a car or a piece of real estate, they will pay double taxes.

Officials stressed the need for people making Rs 50,000 a month to file income tax reports. Those who don’t comply will be labeled late or non-filers.

According to the body officials, non-filers may have their gas and electricity supplies cut off, have their international travel restrictions revoked, and have their SIM cards on their phones disabled.

The Federal Board of Revenue (FBR) extended the final day for filing income tax returns to October 31 on October 14.

The decision takes bank holidays into account and was made in response to demands from tax bar groups and trade organizations.

The Income Tax Ordinance 2001’s Section 214A extended the deadline, giving taxpayers more time to submit their forms.

A number of trade associations and tax bar associations had previously asked FBR to extend the deadline for filing income tax returns for the fiscal year 2024 from September 30 to October 14.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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