The ordinance promulgated on 26th December 2019 by the president INCOME TAX The Financial Monitoring Unit is the central agency in Pakistan responsible for receiving and analyzing Suspicious Transaction Reports and disseminating the same to the relevant authorities for further investigation or regulatory action in respect of cases relating to money laundering and terrorist financing. Section 216 of the Income Tax Ordinance, 2001 accords confidentiality to tax records and proceedings and has an overriding effect overall other laws for the time being in force. The requisite amendment has been made in order to enable the sharing of information between FBR and FMU in order to facilitate FMU to perform its functions as laid down in the Anti-Money Laundering Act, 2010 and to enable compliance with FATF regulations.  The standard rate of minimum tax under section 113 of the Income Tax Ordinance, 2001 is being reduced from 1.5% to 0.5% in the case of traders having turnover up

ACTIVE TAXPAYER LIST (ATL): The Active Taxpayer List (ATL) is a central record of online Income Tax Return filers for the previous Tax Year. ACTIVE TAXPAYER LIST (ATL) UPDATION: ATL is published every financial year on the 1st March and is valid up to the last day of February of the next financial year. For example, Active Taxpayer List for Tax year 2017 was published on 1st March 2018 and will be valid till 28th February 2019. Similarly, Active Taxpayer List for Tax year 2018 will be published on 1st March 2019 and will be valid till 28th February 2020. The ATL is updated on every Monday on the Federal Board of Revenue (FBR) website. ACTIVE TAXPAYER LIST (ATL) INCLUSION: A person’s name will be part of the current ATL, if the Tax Return filed pertains to the Tax year of the relevant ATL. For example, to be part of the ATL published on 1st March 2018, a person must have filed a Tax return for the Tax year 2017. Similarly, to be a part of the ATL published on 1s