Tax bar concerned over delay in FBR forms
Business
December 29, 2020
KARACHI: Karachi Tax Bar Association (KTBA) on Monday expressed concerns on the delay in issuance of form for updating taxpayersâ profile, as only three days remain to comply with the mandatory requirement.
The Federal Board of Revenue (FBR) added section 114A to Income Tax Ordinance, 2001 through Finance Act, 2020, which made it mandatory for taxpayers to update their profile by providing information including bank accounts, utility connections, business addresses, type of businesses etc.
It has been made mandatory to update profile by December 31, 2020. Further, as per the ordinance on failure to update profile, the 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.
Karachi tax association raises concerns over delay in FBR forms: report
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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,
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.
FBR issues simple tax return form for manufacturers after deadline
Business
December 10, 2020
KARACHI: The Federal Board of Revenue (FBR) on Wednesday issued a simplified return form for tax year 2020 to facilitate small manufacturers though the date to file this return had already expired a day earlier.
Karachi Tax Bar Association (KTBA) President Muhammad Zeeshan Merchant said the FBR was very late in issuing a simplified return form for small manufacturers. “Interestingly the deadline for filing of return for the Tax Year 2020 has already expired on December 8, 2020 which has not been extended by the FBR despite scores of requests from the business and tax fraternity.”