Federal Board of Revenue (FBR) reported a surge in new active taxpayer registrations following the release of the Active Taxpayer List (ATL) for the 2023 tax year.
Increase in Active Taxpayers:
- Over 60,000 new taxpayers registered within just three days of the ATL launch on March 1, 2024.
- The initial ATL listed 3.35 million active taxpayers, but this number jumped to 3.41 million after the first weekly update on March 4th.
Reasons for the Surge:
- Individuals rushed to update their status after discovering their names were missing from the initial ATL.
- Being on the ATL offers benefits like reduced withholding tax rates on financial transactions, and remains valid until February 28, 2025.
Looking Ahead:
- FBR expects the number of active taxpayers to continue rising.
- This surge is seen as a positive sign of growing tax awareness and compliance in Pakistan.
- The increased registrations are expected to boost government revenue collection, enabling funding for essential projects.
Importance of Maintaining Active Taxpayer Status:
- Individuals are encouraged to promptly update their status to enjoy ATL benefits and contribute to national economic stability.
- The FBR remains committed to promoting tax compliance and transparency for a stronger economy.
Overall, this development highlights the growing importance of tax compliance in Pakistan. The FBR’s efforts to broaden the tax base and encourage timely tax filing appear to be paying off, with positive implications for the country’s economic well-being.
