FBR enables Refund Adjustment Tab
The Finance Bill 2022 showed that the government had proposed 15% capital gains tax, if shares were sold in the first year. Photo: file
The Federal Board of Revenue (FBR), on Tuesday, enabled the ‘Refund Adjustment’ tab in the return forms to ensure the smooth filing of tax-returns, improve the ease of doing business and decreasing the cost of compliance for taxpayers. The move came after the FBR received a number of representations from various tax bars, businesses and other stakeholders on the issue of non-availability of the Refund Adjustment tab in the return forms available on ‘Iris’, an online portal created by the FBR for the filling of returns. The facility will especially benefit those applicants who had filed applications to claim outstanding refunds from previous years. In this regard it is informed that refund applications filed by September 27, 2022, are eligible for adjustment of refunds. This facility is available to all taxpayers who have not claimed excess adjustment against previous years’ refunds.
Published in The Express Tribune, September 28th, 2022.
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