FBR extends date for updating the taxpayers profile

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FBR extends date for updating the taxpayers profile

The Federal Board of Revenue (FBR) has extended the date for updating taxpayers’ profile for the second time.

According to the details, the FBR has issued a circular according to which the last date for updating the profile of taxpayers has been extended till June 30, 2021.

The circular further added that the tax profile must be updated in accordance with the rules and regulations.

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Hanif Lakhani, Senior Vice Chairman and Vice President, Pakistan Yarn Merchants Association (PAIMA), Farhan Ashrafi, Vice Chairman and Convener of PAIMA, FPCCI Yarn Trading Standing Committee demanded the Chairman Federal Board of Revenue to extend the date for updating taxpayer profile by 6 months so that taxpayers can easily update their profile.

The Federal Board of Revenue has instructed the taxpayers to update their profile by March 31, 2021, and also hinted that if the taxpayers open new bank accounts within the stipulated date, If the address, business change information is not updated, their name may be removed from the Active Taxpayer list, which has caused a wave of concern among honest taxpayers to pay their taxes on time and submit their income tax returns.

He said that in view of the third wave of COVID-19 and most of the cities of the country including Karachi, a smart lockdown is imposed in view of precautionary measures against Coronavirus. In this situation, it is very difficult for the taxpayers to update the tax profile immediately as they have to understand it first and then update the profile with all the required information for which they must get some time.

Hanif Lakhani and Farhan Ashrafi demanded from the Chairman FBR that in view of the third wave of Coronavirus and the precautionary measures taken by the government to prevent it, facilities should be provided for the taxpayers and the deadline of updating taxpayers’ profile should be extended in view of their difficulties.

The update date should be extended by 6 months so that the maximum number of taxpayers can update their profile with the required information entry and avoid being excluded from the active taxpayer list even after paying tax.