The Federal Board of Revenue (FBR) has enabled a refund adjustment tab in the tax return forms to ensure smooth filing of returns and improve ease of doing business and decrease the cost of compliance for taxpayers.
According to an official statement released by FBR, the said facility will enable taxpayers to adjust their pending refund claims against admitted liability for the tax year 2022 at the time of filing tax returns who had filed applications to claim their outstanding refunds of previous years.
The statement added that refund applications filed up to 27th September 2022 (Tuesday) are eligible for adjustment of refunds. The facility is available to all taxpayers who have not claimed excess adjustment against previous years’ refunds.
FBR stated that it had received several representations from various tax bars, businesses and other stakeholders on the issue of the non-availability of the refund adjustment tab in the return forms available on IRIS, an online portal of FBR for return filing. This led the board to enable the refund adjustment tab.