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Only 35,000 out of 83,000 registered companies file tax returns

Only 35,000 out of 83,000 registered companies file tax returns

ISLAMABAD:  Federal Board of Revenue (FBR) has taken notice of companies which are not filling yearly income tax returns despite being registered with Securities and Exchange Commission of Pakistan (SECP), it is learnt here.

Official sources told Customs Today that at least 83,000 of companies are registered with Securities and Exchange Commission of Pakistan (SECP) where only 35,000 of companies are submitting its income tax returns with Federal Board of Revenue (FBR) while other 48,000 companies are not filling its income tax returns on yearly basis, sources confirmed.

Sources said that FBR has the responsibility to trace the registered companies and urge them to file their income tax returns and show their income and expenses in returns. While under Section 114 of Income Tax Ordinance 2001, it is mandatory for registered companies to electronically file income tax returns on yearly basis and show all their properties with income and expenses during submission, sources added.

Sources also told that the tax paid by the companies which are registered with Securities and Exchange Commission of Pakistan and filling its income tax returns with FBR are paying at least Rs800 billion of taxes.