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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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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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.
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FBR Extends Working Hours to Assist Taxpayers with Return Filing
Islamabad, September 19, 2023 – In a proactive move to support taxpayers and facilitate the annual tax return filing process, the Federal Board of Revenue (FBR) has issued a directive to its tax offices across the country, instructing them to extend their working hours on September 30, 2023.
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Pakistan’s Active Taxpayers List Hits Record High at 4.66 Million
Islamabad, September 18, 2023 – Pakistan’s Active Taxpayers List (ATL) has achieved a historic milestone, reaching a record high of 4.66 million individuals and businesses as of September 17, 2023, according to the latest update issued by the Federal Board of Revenue (FBR) on Monday.
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FBR Initiates Penal Action Against Failure to Declare Business Bank Accounts
Karachi, September 17, 2023 – The Federal Board of Revenue (FBR) has taken punitive measures against individuals who have failed to declare their business bank accounts, as per recent reports.
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IRIS 2.0 Breakdowns Make Return Filing Challenging, Says KTBA Convener
Karachi, September 16, 2023 – The upgraded return filing portal IRIS 2.0 has faced a series of issues that are making it challenging for taxpayers to fulfill their national duty.
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FBR to Impose Penalties on Banks for Non-Provision of Account Holder Details
Karachi, September 15, 2023 – The Federal Board of Revenue (FBR) has taken a significant step by deciding to impose penalties on banks for their failure to provide details of account holders, according to official sources.
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Pakistan Implements Penalty for Cash Payments in Property Purchases
Karachi, September 14, 2023 – Pakistan has taken a significant step towards curbing cash-based transactions in the real estate sector by introducing penalties for cash payments made during property purchases.
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