FBR Extends Deadline for Filing Income Tax Returns to October 31

The Federal Board of Revenue (FBR) has announced a second extension for filing income tax returns, moving the deadline to October 31, 2024. This decision comes in response to requests from various trade bodies, tax bar associations, and banking holidays observed in Islamabad and Rawalpindi.

In a statement issued late Monday night, the FBR invoked its authority under Section 214A of the Income Tax Ordinance, 2001, to further extend the filing deadline for the 2024 tax year. Originally set for September 30, the deadline was first extended to October 14 before this latest extension to the end of the month.

The banking holidays were declared due to the Shanghai Cooperation Organisation’s (SCO) Council of Heads of Government meeting, scheduled for October 15 and 16 in Islamabad and Rawalpindi.

This practice of extending tax return deadlines has become common in recent years. Last year, the FBR similarly extended the filing date to October 31. The decision comes as part of efforts to accommodate taxpayers and ensure compliance amidst operational challenges.

In June, the government, led by Prime Minister Shehbaz Sharif, introduced a tax-heavy budget aimed at securing a fresh bailout deal with the International Monetary Fund (IMF), making timely tax collection crucial for Pakistan’s economic stability.