Skip to main content

FBR launches automated portal for taxpayers to get certificate u/s 7E

 


The Federal Board of Revenue (FBR), on Friday 1st September 2023, launched an automated portal for taxpayers to obtain exemption certificate or to pay tax under section 7E of the Income Tax Ordinance, 2001.

The new system would operate in parallel with the old system to give an option to the taxpayers to use the new online system or the old one to avoid any inconvenience to the taxpayers. The special dedicated payment challan for non-filers has also been launched under the new automated system. The updated software of the FBR has been launched and would now be available to taxpayers pertaining to Section 7E from September 1, 2023. The taxpayer can now obtain an exemption certificate while sitting at home or pay tax or generate Challan without going to the commissioner.

The FBR has introduced an online facility for all citizens in the “IRIS” updated system to grant exemption or pay one percent tax under section 7E on immovable properties without going to the Commissioner Inland Revenue (FBR). The FBR’s IRIS Portal has ended the discretion of Commissioners Inland Revenue in deciding the matters of section 7E.

Section 7E was introduced vide Finance Act 2022 whereby, for tax year 2022 and onwards, every resident person has been treated to have derived as income, an amount equal to five per cent of the fair market value of the capital asset situated in Pakistan subject to exclusions of the capital assets provided in the law subject to 20% rate of tax (effective tax rate is 1% of the fair market value).

Automated changes have been made in IRIS system (FBR E-portal) and all taxpayers would be able to access 7E documents from their IRIS accounts and if any tax payments are due under the IRIS system, then they would pay tax or the system will automatically grant exemption in that particular case. Taxpayers can go to their relevant withholding agent, i.e., registrar of property, with exemption certificate generated from IRIS portal or paid challan against 7E tax due, for registration of property.
Labels:
Location: Lahore, Punjab, Pakistan

Comments

Post a Comment

Popular posts from this blog

FBR will examine transaction records of commercial importers as they are no more under Final Tax Regime (FTR), (CCIR) (RTO-II) Karachi

Mr. Badaruddin Ahmed Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II Karachi, while addressing a seminar on ‘Minimum Tax Implications After the Finance Act, 2019’ organized by Karachi Tax Bar Association (KTBA) on Thursday, said that minimum tax was introduced through Finance Act, 2019 with objectives of documentation of economy and realizing actual potential of tax revenue. He said that previously commercial importers were liable to discharge their liability under the FTR and further they were not required to provide any record. However, with the introduction of minimum tax the commercial importers will be required to provide details of all their goods declaration filed for clearance of their consignments. Previously, FTR was available to persons such as commercial importers, commercial suppliers of goods, contractors, persons deriving brokerage or commission income and persons earning income from CNG stations. The tax collected or deducted from thes...
Post a Comment
Read more

The Federal Tax Ombudsman (FTO) asks FBR to restrain IRS Audit Cadre officers

FTO has directed the Federal Board of Revenue (FBR) to bar the officers of Audit Cadre in Inland Revenue Service (IRS) from assigning assessment-related functions/duties and withdraw a penalty order against tier-1 retailers. Briefly, the Complainant, an individual falling under Tier-I Retailer, is aggrieved against impugned 0I0 No.413 of 2021 passed by Inland Revenue Audit Officer (IRAO) Enforcement-II, CTO Karachi allegedly imposing penalty of Rs1,000,000 on account of non-integration with POS without lawful authority and beyond his jurisdiction. As per complaint, the said Officer did not have any authority to issue the impugned order of penalty in view of Sindh High Court decision wherein the High Court confirmed the administrative decision of the FBR that the Officers of Audit Cadre in IRS shall not be posted as Unit Incharge in field formations and shall not be assigned assessment related functions and duties. In addition, Lahore High Court in case of Shahbaz Hussain Vs Federation ...
Post a Comment
Read more

TAX NEWS FEBRUARY 02, 2017

1.       Excise department asks Uber, Careem to share vehicle data Feb 2nd, 2017 As news circulated on Tuesday of a move by the Punjab government to ban ride-hailing services Careem and Uber, the Directorate of Excise, Taxation and Narcotics Control issued a notification requesting both organisations to share data on vehicles using their company's platforms. A notification sent to both companies observed that a number of private vehicles registered with the Motor Registering Authority were rendering services on a commercial basis under Careem and Uber. It went on to request both companies to share data of vehicles that operate under their banner. Yesterday, hours after an internal memo termed the operations of Uber and Careem "illegal", Chairman of the Punjab IT board Umar Saif said the approach is being "reviewed". "This is being reviewed within the government," Saif told in a telephone interview, when asked if the companies will b...
Post a Comment
Read more