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Inactive taxpayers lose access to forex bank accounts Business March 11, 2021 KARACHI: Banks have refused to facilitate transactions in foreign exchange accounts of taxpayers whose names don’t appear in active taxpayer list (ATL) because of late filing of returns, people familiar with the matter said on Wednesday. The accountholders complained that their banks stopped their transactions on the context that their names are not included in ATL. They have been facing the hassle since the issuance of the new ATL for tax year 2020 on March 1. “Half of return filers have become inactive after...

By Thursday Mar 11, 2021 Former FBR official says concept of filer and non-filer introduced in 2014 to discourage non-filers. Photo: Geo.tv/ file Account holders say banks have stopped their transactions in forex accounts as their name does not appear on Active Taxpayer List. Non-filers have to file taxes, pay a surcharge to FBR to avoid penalty. Even though banks are following the law, tax experts say confusion of what a tax filer is raises questions regarding the action. KARACHI: Banks in Pakistan have refused to entertain foreign exchange transactions in accounts held by individuals who ...