PTBA Demands Release of Draft Tax Return Forms for 2024

PTBA Demands Release of Draft Tax Return Forms for 2024

Karachi, May 6, 2024 – The Pakistan Tax Bar Association (PTBA) has officially called upon the Finance Minister, Muhammad Aurangzeb, to expedite the issuance of the draft tax return forms for the tax year 2024.

This move is aimed at ensuring a seamless and efficient tax filing process for taxpayers across the nation.

In a formal communication addressed to the minister on Monday, the PTBA emphasized the need for adherence to the Income Tax Rules, 2002, specifically Rule 34A, which mandates the notification of draft return forms by December 31 of the preceding financial year. Despite this requirement, there have been delays in the past which have compromised the stipulated time frames for tax filing, as outlined in Section 118 of the Income Tax Ordinance, 2001.

The tax bar association pointed out that historically, the Federal Board of Revenue (FBR) has not consistently met the deadline for the notification of these forms, leading to unnecessary complications and hardships for taxpayers trying to comply with the legal filing deadlines.

The PTBA’s letter stresses that the format for the upcoming tax year remains largely unchanged from 2023, with only minor adjustments necessitated by provisions in the Finance Act of 2023. Given this minimal alteration, the association has urged that the updated draft return forms incorporate these specific changes and that no further modifications are essential.

“To ensure there are no impediments in the tax filing process for 2024, it is crucial that the draft forms are made available on the FBR’s portal by no later than May 20, 2024,” stated a representative from PTBA. This early release will not only allow taxpayers ample time to prepare and submit their returns but will also facilitate the necessary checks and balances needed to verify calculations within the return forms.

The PTBA has also requested that alongside the updated draft forms, an Excel version should be provided. This would assist taxpayers in verifying the computational accuracy of their returns, thus fostering transparency and ease in the filing process.

The association’s proactive stance comes in response to past challenges faced by taxpayers due to delays in the release of draft tax forms. By setting a clear timeline and adhering to it, the PTBA believes that the FBR can greatly enhance taxpayer compliance and overall satisfaction.

The response from the Finance Ministry is eagerly awaited by various stakeholders, including tax professionals and businesses, who view this issue as pivotal to ensuring a smooth tax administration process. Efficient and timely updates from the government are seen as essential to maintaining trust and reliability in Pakistan’s fiscal policies.