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PTBA Asked FBR To Extend Deadline For Filing Of Beneficial Owners Of Companies

ISLAMABAD: The Pakistan Tax Bar Association (PTBA) has addressed the Federal Board of Revenue (FBR) to drag out the date for filing of particulars of beneficial owners of companies after December 31. In this respect, the PTBA has written a letter to the FBR.

The PTBA wrote to refer to Rule 83A of the Rule to the ordinance acquainted vide SRO 1117(I)/2023 dated 28th August 2023 by which it is compulsory for the taxpayer to provide electronically particulars of its beneficial owner to the FBR as predetermined in Form BOF-01 of Part IXA of the First Schedule of the Rules to the ordinance using FBR’s online system by December 31, 2023.

In this regard, the bar wants to notify you that there is no predetermined form obtainable on the “IRIS” as the agreement date is looming very quickly and the taxpayers who are required to file their tax returns by September 30, 2023, have already filed their tax returns and, in several instances, 60 days have already expired for the redrafting of return as per the regulation.

That’s the reason that taxpayers who have already filed their tax returns are ineffectual in supplying the said form as per the said law to the ordinance, and that is creating many hurdles for them.

As the time limit of December 31, 2023, is about to come to an end, and that is also the last date for filing of returns of income for the companies, but still now there is no form available on IRIS.

Now, it is not possible for the taxpayers to supply the above required form for both AOP and companies up to the last date, i.e. December 31, 2023. They cannot supply said forms.

The PTBA stated, just because of that, it is required to give a suitable time which is not less than 60 days from January 1, 2024, and it is also recommended to direct the PRAL to give permission to the “IRIS” to take this form separately without revision of the tax return in all matters of tax filers where this compliance is appropriate.

The FBR should publish suitable directions for appropriate compliance of the aforementioned Rule in the ordinance so that the taxpayers do not face any kind of problem, it added.

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