Significant Surge in Tax Filings for 2024: FBR

The Federal Board of Revenue (FBR) has announced a remarkable increase in tax filings for the tax year 2024, with 4.82 million returns submitted by October 26. This represents a substantial rise compared to the previous fiscal year, when only 2.407 million returns were filed.

According to the FBR, this year’s numbers nearly doubled those of fiscal year 2023. However, the tax authority also revealed that a significant portion of the returns filed for the previous year reported no taxable income. Out of the total submissions, 1.82 million filers declared nil income, contributing no tax.

In fiscal year 2023 alone, 869,929 individuals filed nil returns, underscoring the ongoing challenge of broadening the tax base.