FBR asks taxpayers to update profile to avoid penalty

The FBR in a statement on Thursday said the complexity of return forms is a complex form of tax laws. “However, there is a critical need to simplify return forms without compromising on the details required to ensure the accuracy of the standard translation,” he added.


Instead of trying to get all the information necessary for a tax return, a new section has been added where the taxpayer profile can be set up to capture relevant taxpayer data.


Individuals who are already registered before September 30, 2020 and receive business income or taxable income, trusts, welfare organizations, non-profit organizations and other persons appointed by the board are required to submit an updated profit by December 31, 2020.


Persons who receive their registration after September 30, 2020 will be required to submit that profile within 90 days of registration. In the event of any change in the information, such persons must review their details within 90 days of the change of details.


The profile contains relevant income information in respect of bank accounts, local connections, business premises including all production, storage or sales of active or leased sales by taxpayers, types of businesses etc.


In addition, if a person fails to submit a revised profile within the prescribed date or period as extended by FBR under section 214A of the Income tax Ordinance, 2001, that person will not be included in the taxpayer payroll for the latest tax year ending on a specified date or extended date.


However, in completing or updating the profile, such persons will be allowed to be placed on the active taxpayer list when a payment of more than Rs20,000 in the case of a company, Rs10,000 in respect of the Association of Persons (AOP) and Rs1,000 per person.


In addition, a fee for excluding or updating a profile is also proposed at Rs2500 per day of default depending on the minimum fine of Rs10,000.

Source: https://pkrevenue.com/fbr-asks-taxpayers-to-update-profile-to-avoid-penalty/

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