Today marks the final day for filing income tax returns for 2024 as the deadline rapidly approaches.
Recent data indicates that submissions have exceeded five million, with 5,025,789 individuals filing their returns as of October 30.
The number of filers has significantly increased by 2,310,604 compared to last year. Notably, 1,938,615 filers have reported zero taxable income, accounting for 38% of the total submissions. This figure represents a substantial growth from last year’s 2,715,185 returns.
Since July 2023, 1,864,566 new taxpayers have registered, and 602,351 have signed up since July 2024. This surge has resulted in an 85% increase in total tax returns filed compared to the previous year.
With the increase in submissions, the government plans to audit the income and expenditures of non-filers to bolster compliance. As the deadline draws near, taxpayers are encouraged to finalize their submissions promptly to avoid penalties.
