FBR launches single-page income tax return form for SMEs

ISLAMABAD: The Federal Board of Revenue (FBR), in collaboration with the Pakistan Revenue Automation Ltd (PRAL), has launched a single-page simplified income tax return form for small & medium-sized enterprises (SMEs) having turnover up to Rs50 million.

In a statement on Friday, the FBR said that the facility can also be availed by individuals and associations of persons (AOPs). “This return is available on Iris portal and requires input of basic data relating to business activities conducted by eligible taxpayers during the period relevant to tax year 2020.”

The FBR said that in line with the vision of the prime minister and special assistant to the PM on revenue, the board has taken significant initiatives to facilitate taxpayers by making compliance easier. Likewise, the FBR has upgraded its Iris system with the help of PRAL for issuing SMS and emails whenever any notice is issued or any assignment is created by a tax officer, the statement added.

Previously, taxpayers would know about such notices/intimations only after logging onto Iris portal. With the objective of improving compliance with a facilitative environment, after Iris upgrade, taxpayers and intermediaries will receive notifications of such communications through SMS and e-mails, making compliance easier and smarter.

“The FBR has launched a system, Maloomat-TaxRay, wherein taxpayers can access all information available with the FBR by logging through a secure mechanism. For further facilitation, this feature has been launched in mobile app, Tax Assan, so that taxpayers can easily access all such information,” the statement read. “FBR believes in high levels of tax facilitation and constantly using innovative technology to create a faceless organisation.”