FBR tells 22 banks their employees must file tax returns

The FBR has written to the managements of 22 banks in Pakistan and told them to ensure their employees file their income tax returns.

These banks are AlBaraka Bank (Pakistan) Limited, Bank Alfalah Limited, Citi Bank NA, Faysal Bank Limited, Habib Bank Limited, Industrial and Commercial Bank of China Limited, Meezan Bank Limited, Samba Bank Limited, Sindh Bank Limited, Summit Bank Limited, U Microfinance Bank Limited, APNA Microfinance Bank Limited, Bank Islami Pakistan Limited, Dubai Islamic Bank Pakistan Limited, First Women Bank Limited, Habib Metropolitan Bank Limited, JS Bank Limited, National Bank of Pakistan, Silk Bank Limited, Standard Chartered Bank (Pakistan) Limited, Telenor Microfinance Bank Limited and United Bank Limited.

In the letter, the FBR noted that a large number of employees are not filing their annual income tax returns. "They are under the impression that there is at source deduction of income tax on their salaries hence filing of income tax return is not called for. This is a misconception which is against the provisions of the law," it read.

The FBR said that an NGO, the Karsaz Education and Welfare Organisation, has partnered with it to help people file income tax returns free of charge. It gave the contact details of the organization and said volunteers at KEWO will help employees file their tax returns for the 2019-2020 financial year without any charges.

The last date to file income tax returns for 2019-2020 is December 8. The date was earlier extended till December from September.

Referring to All Pakistan Textile Mills Association's statement about changes in export based industry, the Minister for Planning, Development and Special Initiatives Asad Umar said the Pakistan Tehrik-i-Insaaf (PTI) government's manifesto of sustainable economic growth was being fully implemented now.

In a tweet, the APTMA had said that the whole sentiment of the exports based industry had changed in last 2 years. "Now with 5 year policy commitment we are heading for massive investment for doubling our exports and Inshallah creating five million jobs in next 5 Years", the APTMA added.

In response to the tweet, Asad Umar said this was the sustainable growth PTI manifesto talked about and now seeing turn into reality." He said the export driven, job intensive, investment was backed now. He said the previous government's destructive economic policies such as the destructive consumption driven foreign debt financed short term bubbles led to crippling external crisis in past.