Pakistan Tax Bar Association (PTBA) has asked the Federal Board of Revenue (FBR) to extend the date for filing forms containing particulars of beneficial owners of companies beyond December 31, 2023.
In this regard, the PTBA has written a letter to the FBR referring to Rule 83A of the Rule to an ordinance introduced vide S.R.O. 1117(I)/2023 dated 28th August 2023.
As per this rule, the taxpayer is required to furnish electronically particulars of its beneficial owner to the FBR as prescribed in Form BOF-01 of Part IXA of the First Schedule of the Rules to the ordinance through FBR’s online system by December 31, 2023.
“The Bar would like to apprise you that there is no prescribed form available on the “IRIS” as the compliance date is approaching very fast and the taxpayers who are required to file their tax returns by September 30, 2023, have already filed their tax returns and in some cases 60 days have already lapsed for the revision of return as per the law,” stated the letter.
The letter noted that the taxpayers who have already filed their tax returns are unable to furnish the said form as per the said Rule to the ordinance, which is creating hardship for them.
As the deadline of December 31, 2023, is about to expire, which is also the last date for filing returns of income for the companies still there is no form available on IRIS.
PTBA stated that the taxpayers can’t submit the above-required form both for AOP and Companies on the last date i.e. December 31, 2023.
Therefore, it is recommended to give a reasonable time which is not less than 60 days from January 1, 2024, and it is also requested to direct the PRAL to allow the “IRIS” to accept this form separately without revision of the tax return in all cases of tax filers where this compliance is applicable.
