August 11, 2007	Saturday	Rajab 26, 1428

KARACHI, Aug 10: The Large Taxpayers Unit (LTU), Karachi, launched on Friday a pilot project for electronic filing of withholding tax, sales tax and federal excise returns due on August 15, 2007.

The Federal Board of Revenue (FBR) had made e-filing of returns and statements mandatory through web from July 1, 2007 by amending Income Tax Ordinance 2001 and Income Tax Rules 2002 in Finance Act 2007.

All taxpayers would, however, continue to file returns and statements as per requirements by e-mail as well under SRO 662(1)/07 dated July 28, 2007 read with CBR circular No 1 of 2007.

The future step would be filing of annual and monthly statements and returns under all the three federal taxes through internet and facility of electronic payment of taxes.

Taxpayers were given demonstration of the software to educate them in on-line filing of statements and returns through internet. The display was followed a question/answer session and participants inquired about the legality of software and obligations of taxpayers. The LTU has also prepared a manual so that the taxpayers could be guided properly with regard to electronic filing of tax returns.

Besides, information counters have been set up at LTU to facilitate and guide taxpayers on registration. The new initiative of electronic filing of tax returns will revolutionise the return filing system and will being the country at par with advanced tax management systems of the world. The launching ceremony of the software was attended by taxpayers as well as withholding agents of sales tax, income tax and registered persons.