Islamabad: The Federal Board of Revenue (FBR) on Monday announced that it would notify the updated Active Taxpayers List (ATL) after March 1; further stated that filing of income tax returns was seen to improve during Tax Year (TY) 2020, a news source reported.
According to the taxation agency, as many as 1.768 million taxpayers had filed their income tax returns before the deadline of December 8, 2020, while the tax collection amount at said date stood at PKR 22 billion.
The number of filers and the tax collected were seen to reach 2.316 million and PKR 43.6 billion, respectively, on January 4 – with the tax collection figures showing a 55% increase as compared to the corresponding period of the previous taxation year.
Moreover, the FBR stated that the updated ATL would only include those taxpayers who had filed their Income Tax Returns for the Tax Year 2020. It is pertinent to mention that active taxpayers are entitled to various benefits such as exemption from withholding tax on different financial transactions.
