The Federal Board of Revenue (FBR) took a significant step on Thursday as it released the draft return forms for tax year 2019, specifically designed for companies.
This move aims to streamline the tax filing process and enhance transparency in the corporate sector.
The issuance of SRO 968(I)/2019 dated August 29, 2019, marked the official release of the draft return forms. The FBR has now opened the floor for comments from stakeholders, allowing a seven-day window for input and suggestions to be considered in the finalization of the corporate return form for tax year 2019.
The FBR emphasized that the draft income tax returns for companies have been made public for the benefit of all individuals and entities likely to be impacted. In an official statement, the revenue board stated, “Notice is hereby given that objection or suggestion thereon, if any, may, for consideration of the FBR, be sent within seven days of publication of the draft in the official Gazette.”
This call for input is a crucial aspect of the FBR’s commitment to ensuring a participatory approach and garnering feedback from various stakeholders. It provides an opportunity for individuals and entities affected by the proposed changes to voice their concerns and offer constructive suggestions.
Stakeholders, including corporate entities and tax professionals, are encouraged to thoroughly review the draft return forms and submit their objections or suggestions to the FBR before the seven-day window elapses. This engagement is integral to the democratic and consultative process that the FBR aims to uphold in its decision-making.
The FBR has assured that all objections and suggestions received within the stipulated period will be carefully considered. The objective is to create a comprehensive and fair tax return form that meets the needs of businesses while aligning with the broader economic and fiscal objectives of the government.
This move by the FBR aligns with the ongoing efforts to modernize and digitize tax administration in Pakistan. By incorporating feedback from stakeholders, the FBR aims to ensure that the final corporate return form for tax year 2019 is not only user-friendly but also addresses the complexities of the evolving business landscape.
The FBR has consistently emphasized its commitment to facilitating compliant taxpayers and fostering an environment of trust and transparency. The issuance of draft return forms and the subsequent call for comments represent a proactive approach by the revenue board to engage with the business community and other stakeholders in shaping tax policies.
As the seven-day window for submitting objections and suggestions is now open, the FBR awaits valuable input from stakeholders, which will play a crucial role in shaping the final version of the corporate return form for tax year 2019. The revenue board encourages active participation and collaboration to ensure that the tax administration system remains robust and responsive to the needs of the evolving economic landscape.
