ISLAMABAD: The Federal Board of Revenue (FBR), Friday, launched an automated system (portal) for taxpayers to obtain exemption or pay tax under section 7E of the Income Tax Ordinance, 2001.
The new online system under the “IRIS” is available from September 1, 2023, under section 7E of the Income Tax Ordinance, 2001.
Sources told Business Recorder that the new system would operate in parallel with the old system to give an option to the taxpayers to use the new online system or the old one to avoid any inconvenience to the taxpayers. The special dedicated payment challan for non-filers has also been launched under the new automated system.
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When contacted, real estate expert Muhammad Ahsan Malik told Business Recorder that the updated software of the FBR has been launched and would now be available to taxpayers pertaining to Section 7E from September 1, 2023. The taxpayer can now obtain an exemption certificate while sitting at home or pay tax or generate Challan without going to the commissioner.
The real estate expert said that the FBR has introduced an online facility for all citizens in the “IRIS” updated system to grant exemption or pay one percent tax under section 7E on immovable properties without going to the Commissioner Inland Revenue (FBR). The FBR’s IRIS Portal has ended the discretion of Commissioners Inland Revenue in deciding the matters of section 7E.
Under Finance Act, 2022 section 7E was introduced whereby, for tax year 2022 and onwards, every resident person has been treated to have derived as income, an amount equal to five per cent of the fair market value of the capital asset situated in Pakistan subject to exclusions of the capital assets provided in the law, Malik added.
In this connection, automated changes have been made in the IRIS system of the FBR by the Pakistan Revenue Automation Limited (PRAL).
Malik added that all taxpayers would be able to access 7E documents from their IRIS accounts and if any tax payments are due under the IRIS system, then they would pay tax or the system will automatically grant exemption in that particular case. Taxpayers can go to their relevant withholding agent, i.e., register of property, if tax payment is due under the automated system.
Copyright Business Recorder, 2023
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