In a historic development, the Federal Board of Revenue has taken a watershed initiative to ensure facilitation in the filing of tax returns by new taxpayers for broadening of tax base by signing a memorandum of understanding (MoU) with Pakistan Tax Bar at FBR (HQ).
FBR is all set to launch yet another out-of-the-box digital intervention for the broadening of the tax base through definite information obtained about non-filers. FBR has already collected information about the assets and expenditures of the persons outside the tax net from various sources. This information will be made available to persons outside the tax net through Tax Asaan Portal.
Under the MoU, Pakistan Tax Bar will share the lists of qualified and willing members of the tax bar to file the tax return of the new taxpayers. FBR will make this list of tax consultants available to new taxpayers wanting to file tax returns and will facilitate this by payment of the fixed fee for the filing of return to the tax consultants. The facility will be purely voluntary and a taxpayer will have the option to avail this free of cost facility or hire his/her own tax consultant.
Also, FBR has categorically denied the insinuation made in the story published in the Business Recorder on February 8, 2022, with the title “Yet another ‘Finance Bill’ on its way?”. FBR has clarified that the review of the tax laws is an ongoing exercise that FBR undertakes in routine. FBR is currently grappled with the harmonization of the existing tax laws into IR-Code which would be a major milestone as it would not only add to administrative convenience in the enforcement of tax laws but also contribute to ease of doing business.