Pakistan, a tax year is the period of time for which a business is required to report its income and expenses for tax purposes. The tax year in Pakistan is the same as the calendar year, which runs from 1st January to 31st December.
For example, the tax year 2021 runs from 1st January 2021 to 31st December 2021, and businesses are required to report their income and expenses for this period when filing their tax returns.
It is important for businesses to accurately track and report their income and expenses for the tax year to ensure that they pay the correct amount of tax. The Federal Board of Revenue (FBR) provides a range of resources and assistance to help businesses understand their tax obligations and comply with the relevant laws and regulations.