PTBA Prompts the Issuance of Form for Updating Taxpayers’ Profile

Pakistan Tax Bar Association (PTBA) has urged FBR to launch a form for mandatory profile update by registered taxpayers as compliance date is approaching fast. An important amendment was made through Finance Act, 2020 regarding updation of business profile by the taxpayers under section 114A of the Ordinance, 2001 but not specific prescribed form for the purpose is still introduced by the FBR.

PTBA also highlighted the issue of calculation errors of minimum tax for tax year 2020;

“The last date for submission of return has been notified as December 08, 2020 and till the settlement of issue regarding determination of minimum tax liability, the taxpayers would not be able to submit returns within due date, so action in this regard be taken at priority basis otherwise PTBA would have no other option but to ask for further extension for which the body of PTBA is not desirous.”