20 C
Lahore
Wednesday, December 1, 2021

Karachi tax association raises concerns over delay in FBR forms: report

Must read

Who’s Bilawal’s ‘coronary heart’?

"My heart," Bilawal captions an image with nephew Mir Hakim Mahmood Choudhary

Shares at PSX finish barely up after unstable session

— AFP/FileBenchmark KSE-100 index rises practically 300 factors regardless of record-high inflation.Buyers cheer decrease worldwide commodity costs and yesterday’s clean MSCI associated trades.Shares of...

Pakistan strongly condemns extra-judicial killings of two Kashmiris in Pulwama

Two Kashmiris killed within the so-called cordon-and-search-operation in Indian Occupied Kashmir (IIOJK) - AFPIndian forces kill two Kashmiris in so-called cordon-and-search-operation in India-occupied Jammu...

ABAD reiterates demand to regularise unlawful buildings in Sindh

A file picture of the Nasla Tower at Sharae Quaideen in Karachi. Photograph: Geo.television/ fileABAD chairman leads delegation of builders and realtors in...

FBR made it mandatory for taxpayers to update their profile. Photo: Geo. tv/File
  • KTBA President said prescribed form to update taxpayers’ profiles has not been issued so far
  • FBR made it mandatory for taxpayers to update their profiles by providing information including bank accounts, utility connections, etc.
  • It has been made mandatory to update the profile by December 31, 2020

KARACHI: With only three days remaining to comply with the mandatory requirement, the Karachi Tax Bar Association (KTBA) has expressed concerns on the delay in issuance of a form required to update taxpayers’ profiles, The News reported on Tuesday.

KTBA President Muhammad Zeeshan Merchant, in a letter sent to Dr Muhammad Ashfaq Ahmed, Member (Operations), FBR, said the prescribed form to update the profile was not issued so far.

Merchant said the KTBA had already discussed with the FBR that once the form was issued, a period of 90 days would be given to taxpayers for compliance.

After the addition of section 114A to Income Tax Ordinance, 2001 through the Finance Act, 2020, the FBR made it mandatory for taxpayers to update their profiles by providing information including bank accounts, utility connections, business addresses, type of businesses, etc.

It has been made mandatory to update the profiles by December 31, 2020, by the revenue board.

Read more: FBR serves notices to 832,000 non-filers

Taxpayers are required to pay a penalty of Rs2,500 for each day of default from the due date, subject to a minimum penalty of Rs10,000 as per the ordinance on failure to update the profile.

The FBR issued SRO 1341(I)/2020 on December 16, 2020, to notify draft rules for furnishing taxpayers’ profiles.

The KTBA highlighted that since the form was not issued so far, the FBR should reconsider the expiry date.

The tax bar urged the FBR to immediately take urgent measures to issue the form as soon as possible and also provide proper time available under the law in order to update the profile, which was a minimum of 90 days.

The bar said this was not only the right of the taxpayers but also a genuine need as the delay was not on part of the taxpayers.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Who’s Bilawal’s ‘coronary heart’?

"My heart," Bilawal captions an image with nephew Mir Hakim Mahmood Choudhary

Shares at PSX finish barely up after unstable session

— AFP/FileBenchmark KSE-100 index rises practically 300 factors regardless of record-high inflation.Buyers cheer decrease worldwide commodity costs and yesterday’s clean MSCI associated trades.Shares of...

Pakistan strongly condemns extra-judicial killings of two Kashmiris in Pulwama

Two Kashmiris killed within the so-called cordon-and-search-operation in Indian Occupied Kashmir (IIOJK) - AFPIndian forces kill two Kashmiris in so-called cordon-and-search-operation in India-occupied Jammu...

ABAD reiterates demand to regularise unlawful buildings in Sindh

A file picture of the Nasla Tower at Sharae Quaideen in Karachi. Photograph: Geo.television/ fileABAD chairman leads delegation of builders and realtors in...

Rupee continues to get better in opposition to US greenback

— AFP/FilePakistani forex features 24 paisas in opposition to the buck, settling at Rs175.48.Foreign money sellers say that over the past two days, there...