ByKarachi, Pakistan:The Federal Board of Revenue (FBR) is set to terminate the active status of approximately 6.1 million taxpayers who fail to file their income tax returns by the October 31, 2024 deadline.
This change marks a significant shift in the FBR’s approach to tax compliance, as it moves away from its previous practice of offering multiple extensions. The FBR aims to promote timely tax filing and ensure that taxpayers are held accountable for their obligations.
Individuals and businesses who lose their active status will face financial disadvantages, including higher withholding taxes and restrictions on certain financial transactions. PK Revenue
The FBR has introduced provisions for late filers to pay a surcharge and restore their active status. However, it is crucial for taxpayers to file their returns on time to avoid these consequences.
The FBR’s decision to update the ATL and introduce stricter deadlines is part of its efforts to modernize the tax system and improve compliance. This move is expected to have a significant impact on the tax landscape in Pakistan.
