ISLAMABAD: The Federal Board of Revenue (FBR) has proposed to make it mandatory for individuals to file a tax profile for earning taxable income in the next fiscal.
The FBR said that subject to this ordinance, the following persons shall furnish a profile, namely: every person applying for registration under section 181, every person deriving income chargeable to tax under the head, “income from business”, every person whose income is subject to final taxation, any non-profit organisation as defined in clause (36) of section 2, any trust or welfare institution, or any other person prescribed by the board.
“A taxpayer’s profile shall be in the prescribed form and shall be accompanied by such annexures, statements or documents as may be prescribed shall fully state, in the specified form and manner, the relevant particulars of bank accounts, utility connections, business premises including all manufacturing, storage or retail outlets operated or leased by the taxpayer, types of businesses, and such other information as may be prescribed, shall be signed by the person being an individual, or the person’s representative where section 172 applies, and shall be filed electronically on the web as prescribed by the board,” it said.
Moreover, it said a taxpayer’s profile shall be furnished on or before the 31st day of December 2020, in case of a person registered under section 181 before the 30th day of September 2020 and within ninety days of registration, while in case of a person not registered under section 181, before the 30th day of September, 2020.
“A taxpayer’s profile shall be updated within ninety days of change in any of the relevant particulars of information as mentioned in clause (b) of subsection (2),” the FBR said.