New Feature in FBR IRIS Portal for Balance Sheet Approval

The Federal Board of Revenue (FBR) has introduced a new option in the IRIS portal to expedite balance sheet approval and ensure timely filing of sales tax returns. This update addresses a common hurdle faced by taxpayers and tax authorities.

Understanding the Challenge:

Previously, submitted balance sheets often remained unreviewed due to a lack of clarity on case ownership within the tax department. Taxpayers were left unaware of the status of their submissions, leading to delays in sales tax return filing and potential tax collection shortfalls.

The Solution: Assigned Officer and Automated Notifications

The new feature in the sales tax return form allows taxpayers to request approval for their submitted balance sheets. Upon submission, the request is automatically assigned to a designated officer within the tax department. This officer receives an email notification, prompting them to review and approve the balance sheet.

Benefits for Taxpayers and Tax Authorities:

• Improved Transparency: Taxpayers can now track the progress of their balance sheet approval and receive updates directly from the assigned officer.
• Faster Processing: Clear assignment of responsibility ensures quicker review and approval of balance sheets.
• Enhanced Compliance: Timely balance sheet approval removes a hurdle for filing sales tax returns, promoting tax compliance.

How to Use the New Feature:

1. In the sales tax return form, select the "Request to Allow Sales Tax Return Filing" option.
2. Choose the officer you wish to have your balance sheet reviewed by.
3. Provide a brief explanation requesting approval (e.g., "Balance sheet already submitted under SRO 350").
4. Save the request.

The system will automatically send an email notification to the assigned officer, prompting them to review and approve the balance sheet. Once approved, the taxpayer can proceed with filing their sales tax return.

A Step Forward in Tax Administration

This new feature signifies a positive step towards a more efficient and transparent tax administration system in Pakistan. By streamlining the balance sheet approval process, the FBR aims to improve tax collection and encourage timely compliance from taxpayers.

this article was published at New Feature in FBR IRIS Portal for Balance Sheet Approval