Over 3m file tax returns in 2020

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ISLAMABAD: The income tax returns for tax year 2020 (TY20) have reached 3.01 million, posting an increase of 12.5 per cent from 2.67m in tax year 2019, a statement by the Federal Board of Revenue (FBR) said on Thursday.

Tax deposited with returns was Rs52 billion in TY20, up 52.1pc from Rs34.3bn a year ago, the FBR statement added.

According to the FBR, 11,100 point-of-sale (PoS) terminals have been integrated with real-time reporting system of the tax authority.

During June 2021 smuggled goods worth Rs3.7bn have been seized. Similarly, during July 2020- June 2021, smuggled goods worth Rs57.7bn have been seized as compared to Rs36bn in Jul 2019-June 2020, thus showing an increase of 58pc.

Directorate General of Intelligence & Investigation-IR forwarded 1,608 Investigation Reports and Red Alerts to the field formations involving revenue amounting to Rs244bn. Directorate General filed 71 complaints under the Anti-Money Laundering Act, 2010 where more than Rs62bn were involved.

Directorate General seized 8,754 cartons containing 87,540,000 cigarette sticks in July 2020 to June 2021.

The FBR release on Thursday showed provisional figures at Rs4.732 trillion in FY21 exceeding the target of Rs4.691tr by Rs41bn. Net collection in June was Rs568bn, an increase of 26pc over Rs451bn collected in June 2020.