Pakistan introduces major amendments for taxpayers
- By Web Desk -
- Oct 24, 2024
KARACHI: The Federal Board of Revenue (FBR) has made an important amendment to Income Tax Rules 2002, under which the list of active taxpayers will now be updated on a daily basis.
The amendments – approved under an SRO on 18 October 2024 – under Section 237 of the Income Tax Ordinance, 2001, the taxpayers who filed their returns for the tax year 2024 within the prescribed period will be immediately added to the Active Taxpayers List.
READ: Income tax, corporate tax rates required to be slashed: FBR chief
However, the taxpayers who fail to submit their returns within the due date will have to pay a surcharge for inclusion in the list of active taxpayers.
These amendments reflect the FBR’s commitment to improving transparency and efficiency of operations.
By Streamlining processes, the FBR aims to enhance convenience for taxpayers and all stakeholders, ensuring a more efficient tax system and better delivery service.