The Pakistan Tax Bar Association (PTBA) has urged the Federal Board of Revenue (FBR) to extend the deadline for companies filing income tax returns due to critical form unavailability.
In a letter addressed to the FBR chairman, the PTBA highlighted the absence of a crucial form required for recording beneficial ownership under Rule 83A of the income tax rules, 2002.
Expressing concern over the lack of the prescribed Form BOF-01 on the FBR’s online system, mandated for electronic submission by December 31, 2023, the PTBA emphasized the urgency stemming from Rule 83A introduced through S.R.O. 1117(I)/2023 dated August 28, 2023.
Referring to prior correspondences from PTBA member bars to the FBR on the same issue, the association pointed out the predicament faced by taxpayers. Those who filed their returns by September 30, 2023, have already submitted their taxes without the requisite form, some even beyond the 60-day revision period stipulated by law.
PTBA highlighted the significant challenge posed by the absence of the essential form on the FBR’s “IRIS” system. This shortfall prevents taxpayers who have already filed their returns from furnishing crucial information, creating substantial hardships.
As the December 31, 2023 deadline, coinciding with the final date for company income tax returns, approaches, the absence of the form on the IRIS platform further complicates matters.
The PTBA proposed a pragmatic solution, recommending an extension of at least 60 days, starting from January 1, 2024. Additionally, they urged the FBR to instruct the Pakistan Revenue Automation Limited (PRAL) to enable IRIS to accept the required form separately without necessitating a revision of the tax return where this compliance is applicable.
