PTBA urges FBR to extend corporate tax filing deadline

ISLAMABAD: Pakistan Tax Bar Association (PTBA) has asked the Federal Board of Revenue (FBR) to extend time for filing of income tax return for the companies.

Document states that PTBA has written a letter FBR chairman on non-availability of form required for record-keeping of beneficial ownership under rule 83A of the income tax rules, 2002.

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“We refer to the Rule 83A of the Rule to the ordinance introduced vide S.R.O. 1117(I)/2023 dated 28th August, 2023 whereby the taxpayer is required to furnish electronically particulars of its beneficial owner to the FBR as prescribed in Form BOF-01 of Part IXA of the First Schedule of the Rules to the ordinance through FBR’s online system by December 31, 2023,” the letter said.

The letter added, “We also refer various letters our member bars issued earlier to the FBR in respect of above mentioned subject. In this connection, we would like to apprise you that there is no prescribed form available on the “IRIS” as the compliance date is approaching very fast and the taxpayers who are required to file their tax returns by September 30, 2023, have already filed their tax returns and in some cases 60 days have already lapsed for the revision of return as per the law”.

As a result of this, the taxpayers who have already filed their tax returns are unable to furnish the said form as per the said Rule to the ordinance, which is creating hardship for them. As the deadlines of December 31, 2023 is about to expire, which is also the last date for filing of returns of income for the companies and still there is no form available on IRIS.

“Now, it is impossible for the taxpayers to submit the above required form both for AOP and Companies up to the last date i.e. December 31, 2023,” the letter read.

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The PTBA recommended the FBR to give a reasonable time, of at least 60 days, (from January 1 2024 onwards) and it is also requested to direct the Pakistan Revenue Automation Limited (PRAL) to allow the “IRIS” to accept this form separately without revision of the tax return in all cases of tax filers where this compliance is applicable.

“In view of the above, we request that the appropriate directions may be issued by your office for proper compliance of the aforesaid Rule to the ordinance in order to avoid any hardship for the taxpayer,” the letter said.