ISLAMABAD: Federal Board of Revenue (FBR) has received as many as 1.42 million annual income tax returns for the for the Tax Year 2016, revealed FBR’s Active Taxpayers List.
The FBR issues a fresh list on March 01 every year under which return filers for preceding tax year will be able to avail the reduced rate facility. The FBR is scheduled to release ATL for Tax Year 2017 on March 01, 2018. This list will allow only those taxpayers who filed their income tax returns for tax year 2017.
The FBR introduced higher rates of withholding tax through Finance Act 2015 on various transactions to burden the non-filers of income tax returns. The scope of higher tax rates has been further expanded in subsequent years to increase the cost of transactions for non-filers.
The measure has resulted in significant improvement regarding declaration of income by taxpayers. The return filing has improved from below one million in tax year 2014 to present 1.42 million in tax year 2016.
