FBR Proposes Further Amendments to Income Tax Rules 2002

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a draft proposing further amendments to the Income Tax Rules 2002, including mandatory electronic submission of companies’ financial statements through the IRIS portal.

Under the proposed changes, companies would be required to submit their financial statements through IRIS along with their income tax returns for tax year 2026 and subsequent years.

The draft also authorises the FBR to prescribe financial statement formats for different business sectors. Companies would have to comply with the data schemes, taxonomies and technical standards set by the board.

The proposed amendments allow electronic documents to be authenticated through digital signatures or other electronic methods.

Once a submission is completed successfully, IRIS would issue an electronic acknowledgement containing a unique reference number as proof of filing.

The FBR has invited objections and suggestions on the draft within seven days of its publication. The board will review the submissions before making a final decision.