Taxpayers, a recent update addresses the confusion surrounding balance sheet approval!
Here’s a breakdown of the situation:
- SRO 528: This recent SRO eliminates the earlier 30-day deadline for submitting a balance sheet for sales tax registration.
- Manual Approvals: While the system may not be showing automatic approval yet, certain cases are reported where it indicates manual review is ongoing.
- System Delays: There might be a temporary lag between submitting your balance sheet and seeing its approval reflected in the system.
What You Should Do:
- Check IRIS Data: Log in to IRIS and verify if your submitted balance sheet shows “approved” status. If so, you can proceed with filing your sales tax return.
- Un-approved Balance Sheets: If your balance sheet is not yet approved, you have two options:
- Wait: There’s a high chance the system will be updated soon to reflect approvals automatically.
- Commissioner Approval: If waiting isn’t an option, you can request manual approval from the Commissioner via attachment tab in the Iris account . However, note that a clear timeline for this process is not yet available.
For Taxpayers Who Haven’t Submitted:
- File Your Balance Sheet: It’s still crucial to submit your balance sheet as per SRO 350, even though the 30-day deadline is eliminated.
- Commissioner Approval Needed: For those who haven’t submitted yet, the process likely involves seeking Commissioner approval.
Potential Extension:
There’s speculation that the deadline for filing sales tax returns might be extended due to the confusion surrounding balance sheet approvals. Current extension is grated till April 22, 2024. However, official confirmation is awaited.
Recommendations:
- Stay Informed: FBR will likely issue a revised document clarifying the next steps. Keep an eye on official FBR channels for updates.
Remember:
- Timely filing of tax returns and adhering to regulations is crucial for taxpayers.
- The FBR is likely working on resolving the current system issues to ensure a smooth tax filing process.
