Islamabad: The Federal Board of Revenue has released the latest Active Taxpayers List (ATL), which comprises the names of 3.41 million individuals and companies, according to news published in the national dailies on March 27.
The release of the active taxpayers list is a crucial step towards promoting tax compliance in the country as it recognises and rewards companies and individuals who fulfil tax obligations. Being included in the ATL brings various benefits such as government contracts, facilitating access to credit, and other opportunities.
The board has been working to increase tax compliance in the country and has introduced different measures to encourage taxpayers to file their returns and pay taxes on time. The ATL is also part of this initiative which aims to incentivise tax compliance.
Previously, the FBR received 4.19 million taxpayers in the ATL for the year 2021, who filed tax returns till February 26, 2023. The deadline for filing income tax returns varies, depending on the accounting year and the type of taxpayer.
For business individuals, an association of persons, salaries persons, and companies with special accounting years, the deadline to file returns is September 30 of every year. Whereas for companies with normal accounting years, the deadline is December 31 of every year.
As per the details, taxpayers who failed to file an income tax return for the year 2022 will not be able to enjoy reduced rates of withholding tax from March 1, 2023. It is pertinent to note that ATL is published every financial year on March 1 and is valid up to the last day of February in the next financial year.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
