ISLAMABAD: Federal Board of Revenue (FBR) announced that it will issue Active Taxpayers List (ATL) for tax year 2020 on March 01, 2021.
The ATL-2020 will include names of those taxpayers who had filed their income tax returns by due date or those who had filed their income tax returns after the due date with payment of surcharges.
At present ATL-2019 is applicable for deduction of withholding taxes at various transactions.
The FBR said that it released ATL every year on March 01 and it remained valid till last day of February next year.
The revenue body said that persons included in the ATL have various benefits such as exemption from withholding tax at the time of cash withdrawal. Further, other banking transactions and payment of educational fees are also exempted from withholding tax for those persons whose names are on the ATL.
Similarly, those persons appeared on the ATL are entitled to pay reduced rate of withholding tax in making transactions including imports, profits, services, contracts, profit on debt, prizes, purchase of motor vehicles and immovable properties etc.
The FBR said that names of those persons would be included in the ATL-2020 who filed their annual returns within given deadline or filed within extended date given by Commissioner Inland Revenue.
The revenue body said that the ATL is being updated on weekly basis and available on the official website and mobile applications.
Those individuals and companies that failed to make compliance of return filing by due date or extended date given by commissioners Inland Revenue would require to pay surcharges for appearance on the ATL.
The rate of surcharge is Rs20,000 for corporate entities and Rs10,000 for Association of Persons, the FBR added.