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ISLAMABAD, Jan 01 (APP): The Federal Board of Revenue (FBR) on Thursday clarified that reports circulating on social media claiming exporters’ income tax returns will be scrutinized with the intent to impose unjust taxation are misleading and have no factual basis.
It has come to the notice of the board that a letter attributed to the FBR is being circulated on social media, creating an impression that exporters’ income tax returns will be scrutinized with the intent to impose unjust taxation.
“This impression is incorrect and not based on factual grounds”, said a news release.
For clarity, the legal framework governing exporters was amended through the Finance Act, 2024, whereby the regime applicable to exporters was changed from a final tax regime to a minimum tax regime. This change is required to be reflected in the Income Tax Returns for the Tax Year 2025.
In order to mitigate the possibility of any bonafide or other errors, the field formations were directed to peruse the returns and process them in accordance with the law, wherever any legal inconsistency is identified.
Conducting desk audits of returns and ensuring compliance with tax laws is a statutory and primary responsibility of the FBR.
Furthermore, to prevent any inconsistency, misuse or undue inconvenience to taxpayers, this exercise has been initiated under the supervision of FBR Headquarters.
The FBR remains committed to fair tax administration, facilitation of taxpayers, and implementation of tax laws in a lawful, transparent and professional manner.