Only 133,000 Retailers Filed Income Tax Returns in FY22

The total number of retailers who filed their income tax returns stood at only 133,000, according to the Federal Board of Revenue (FBR). FBR Member Inland Revenue (Policy) Afaq Ahmed Qureshi informed the sub-committee of National Assembly Standing Committee on Finance at the FBR Headquarters on Monday that 2.3 million retailers deposited sales tax of Rs. 6 billion during 2021-22 (FY22) under fixed sales tax scheme but only 0.133 million filed their income tax returns. It was further informed that the estimated income tax returns from the retailers would be around 700,000 with estimated revenue of Rs 42. billion. FBR Member added that the new income tax return for the retailers would be rolled out during the current fiscal year.