Karachi: The Federal Board of Revenue (FBR) has made a significant amendment to the Income Tax Rules, 2002. 8
The FBR issued a notification on October 18, 2024, under an SRO, detailing these amendments. This new policy falls under Section 237 of the Income Tax Ordinance, 2001. According to the FBR, taxpayers who file their returns for the tax year 2024 within the prescribed deadline will be added to the Active Taxpayers List (ATL) immediately.
This change means that eligible filers will see their names in the list without delay, eliminating long waits for confirmation.
Surcharge for Late Filers
However, the amendment also brings consequences for those who miss the filing deadline. Taxpayers who fail to submit their returns on time will now need to pay a surcharge if they wish to be included in the active list. The FBR aims to encourage punctual filing by implementing this measure.
The surcharge requirement serves as a penalty, urging taxpayers to meet deadlines to avoid additional costs.
Boosting Transparency and Efficiency
These amendments underscore the FBR’s commitment to enhancing transparency and efficiency within Pakistan’s tax system. By implementing this daily update system, the FBR aims to streamline operations and improve service delivery.
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A spokesperson for the FBR noted that these changes are part of a larger reform strategy. The daily updates are expected to benefit taxpayers by providing a smoother, more predictable filing process.
Improved Services for Stakeholders
With this new policy, the FBR aims to make tax compliance easier for taxpayers and other stakeholders. The real-time update feature will allow businesses and individuals to verify their active taxpayer status daily, which is particularly beneficial for those needing immediate proof of compliance.
These improvements are expected to foster trust and encourage more timely tax filings across the board.
The FBR hopes that the daily updates will create a more transparent system, offering convenience and a more efficient experience for all. This initiative signals a step toward modernizing Pakistan’s tax framework and promoting greater compliance.
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