Islamabad: The Federal Board of Revenue (FBR) recently extended the deadline for the submission of the profiles of the taxpayers till June 30, via a circular. The board also cautioned against non-compliance, stating that the defaulted names will be removed from the Active Taxpayers List (ATL) and will be liable to a surcharge, according to a news report published on Friday.
Previously, the FBR had extended the deadline from December 31, 2020 to March 31, 2021. The government has made it mandatory to update the details in case of change in address or bank account as a profile is a very necessary piece of information about a taxpayer and the mandatory duty is enshrined in Section 114 of the Income Tax Ordinance 2001.
Taxpayers on the ATL list are offered lower tax rates while those in default will either face a penalty charge on a daily basis and an additional surcharge for addition into the ATL list. Moreover, the FBR under the provision of Section 182 of the Income Tax Ordinance can impose a penalty of PKR 2,500 per day for omission for non-filing and for failure to update a profile, a minimum of PKR 10,000 can be levied.
FBR spokesperson Nadeem Rizvi stated the importance of an updated profile to send the refund amount directly into the bank account and the importance of IBAN. He further said that taxpayers will have to share information including cell phone numbers, email addresses, business addresses with IBAN and that the profile of the taxpayer should contain information relating to business, such as premises, leases regarding storage and retail outlets alongside copies of utility bills, property ownership and rental agreement.
