Karachi, September 26, 2023 – The Federal Board of Revenue (FBR) has announced that certain categories of taxpayers are exempt from filing annual income tax returns for the tax year 2023.
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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Pakistan Sets New Record with 4.72 Million Income Tax Returns
Islamabad, September 25, 2023 – Pakistan has reported a record-breaking number of 4.72 million income tax returns for the tax year 2022, as per official data released on Monday.
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FBR Updates SOP for Processing FTO Cases
Karachi, September 25, 2023 – The Federal Board of Revenue (FBR) has introduced updates to the Standard Operating Procedure (SOP) governing the processing of cases involving the Tax Ombudsman.
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FBR Mandates Companies to Deduct 10% Withholding Tax on Issuance of Bonus Shares
Karachi, September 24, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by directing companies to implement a 10 percent withholding tax on the issuance of bonus shares. This move comes as part of the government’s efforts to enhance tax collection and revenue generation.
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FBR Directs Tax Offices to Ensure September Collection by 28th Due to Eid Milad-un-Nabi
Islamabad, September 21, 2023 – The Federal Board of Revenue (FBR) in Pakistan has issued a directive to all tax offices, including Large Taxpayers Offices (LTOs), Medium Taxpayers Office (MTO), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs), to ensure the collection of taxes for September 2023 by the 28th of the month. This move is in consideration of the celebration of Eid Milad-un-Nabi, which falls on Friday, September 29, 2023.
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Citizens Risk Losing Electricity Connection for Failing to File Annual Tax Returns
Karachi, September 21, 2023 – Citizens in Pakistan may face disconnection of their electricity connection for failing to file their annual income tax return for the tax year 2023, according to sources within the Federal Board of Revenue (FBR).
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KTBA Chooses Not to Seek Date Extension Despite Return Filing Portal Issues
Karachi, September 21, 2023 – The Karachi Tax Bar Association (KTBA) has made the decision not to request an extension of the deadline for tax return filing, despite encountering glitches and issues on the online portal provided by the Federal Board of Revenue (FBR).
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Citizens May Face Prison Sentences for Tax Offenses in Pakistan
Karachi, September 20, 2023 – In a stern warning to citizens, the Federal Board of Revenue (FBR) announced that individuals may face at least one year in prison for various tax offenses.
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FBR Launches Campaign for Return Filing as Deadline Nears
Karachi, September 20, 2023 – The Federal Board of Revenue (FBR) has embarked on a vigorous campaign, imploring citizens to promptly file their income tax returns as the looming deadline of September 30, 2023, approaches.
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Late Return Filers Face Exclusion from Active Taxpayers List 2023
Karachi, September 19, 2023 – The Federal Board of Revenue (FBR) has announced that individuals and entities filing their income tax returns after the deadline will not be included in the Active Taxpayers List (ATL) for the year 2023.
READ MORE: FBR Extends Working Hours to Assist Taxpayers with Return Filing
According to FBR officials, the final date for submitting annual tax returns for the tax year 2023 is September 30, 2023. This deadline applies to all taxpayers, including salaried individuals, business owners, associations of persons (AOPs), and companies with special fiscal years, who are required to file their annual returns.
Officials emphasized that those who file their income tax returns after the deadline will not be included in the ATL. The ATL is a crucial document that allows taxpayers to avail themselves of reduced tax rates and certain benefits.
READ MORE: Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Under Section 182A of the Income Tax Ordinance, 2001, individuals and entities can be added to the ATL even after the deadline by paying a surcharge. The surcharge rates are as follows:
Twenty thousand rupees for companies.
Ten thousand rupees for associations of persons.
READ MORE: FBR Initiates Penal Action Against Failure to Declare Business Bank Accounts
One thousand rupees for individual taxpayers.
Taxpayers who are not included in the ATL will face restrictions, including being denied the ability to carry forward losses, access refunds, and receive payments for delayed refunds.
The FBR is set to release the ATL for the tax year 2023 on March 1, 2023. This list will include the names of individuals and entities who filed their returns by the due date as well as those who filed their returns after the due date but paid the necessary surcharge.
READ MORE: IRIS 2.0 Breakdowns Make Return Filing Challenging, Says KTBA Convener
It is imperative for taxpayers to meet the filing deadline and comply with tax regulations to maintain their status as active taxpayers and access the associated benefits and privileges.