KTBA to discuss tax profile update problems with FBR chairman

KTBA to discuss tax profile update problems with FBR chairman

KARACHI: Karachi Tax Bar Association (KTBA) to take up problems faced by taxpayers at a meeting with the chairman of the Federal Board of Revenue (FBR), according to a communication received on Thursday.

In the communication to its members, the KTBA said it was well aware about many issues faced by the members while updating taxpayers’ profile, which is mandatory under Section 114A of the Income Tax Ordinance, 2001.

The KTBA advised its members to send the nature of problems they faced while updating taxpayers’ profiles on the IRIS portal.

The tax bar also advised the members to send their issues by March 25, 2021 to enable the KTBA to take up the issues with the FBR chairman for resolution.

Updating the taxpayer profile has been made mandatory through insertion of Section 114A to the Income Tax Ordinance, 2001 through Finance Act, 2020.

The last date for updating the profile was December 31, 2020. However, it was extended to March 31, 2021.

The FBR through various statements has made it clear that those who failed to update the profile would be excluded from the Active Taxpayers List (ATL).

The FBR has also imposed monetary penalty for failure in updating the profile. Under the Income Tax Ordinance, 2001 an amount of Rs2500 per day with minimum penalty of Rs10,000.

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