The Federal Board of Revenue (FBR) has urged all taxpayers to update their profile before the deadline in order to avoid penal consequences under the law.
FBR has stated that the statutory deadline for furnishing and updating taxpayers’ profiles under Section 114 A of the Income Tax Ordinance-2001 is March 31, 2021.
Tax Refunds are to be paid through an automated system of CITRO. In line with the vision of Prime Minister Imran Khan, to provide maximum facilitation to the taxpayers and under the guidance of chairman FBR, a Centralized Income Tax Refund Office (CITRO) has been established at FBR in order to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and transparent manner. This would work in an end-to-end automated manner.
Member IR (Operations) inaugurated the launch of CITRO today, by processing the first batch of Income Tax refund claims for payment through a dedicated VPN tunnel established between FBR and the State Bank of Pakistan. This system would eliminate human interaction between tax authority and taxpayers and ensure quick relief to the business community.
FBR plans on enhancing this automation process to a more advanced level by creating linkages between all federal and provincial departments as well as large numbers of withholders so that verification and processing of refund claims can also be made in a machine-enabled environment.
