ISLAMABAD: The Federal Board of Revenue (FBR) has issued draft income tax return forms for salaried class, business individuals, Association of Persons (AOPs) and companies for the Tax Year 2020.
The FBR has issued SRO 745(I)/2020 to issue draft income tax return forms here on Wednesday seeking feedback of the stakeholders.
The FBR has issued electronic return forms for salaried persons; AOPs, business individuals and companies.
Tax experts told Business Recorder that the FBR has repeatedly claimed to issue a very simplified return form. but the return form is still very lengthy. FBR Member Inland Revenue Policy is needed to immediately review and simplify return form particularly for the salaried class without compromising data.
Secondly, the information of companies specified in the annual audited accounts statements and that specified in the income tax return form are different like bifurcation of import purchases and domestic purchases. This would create serious reporting problems for the corporate entities and undertakings.
Copyright Business Recorder, 2020
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