“Tax Ledger“ – Every Tax payer should have his Tax Ledger in Iris Account | Collective Transactions of Tax Deposits, Refunds, Payable | Ease of Adjustments of Tax Liabilities against Refunds
When we do a business, we maintain ledger accounts for reconciliation of balances with our stake holders (customers , suppliers , service providers etc) such like that Federal Board of Revenue being tax agency of the country is also our stake holder. We book refunds , taxes payable even deferred taxation in our books, but FBR himself has not online data available of taxpayers in their portals which depicts his net tax liability to pay or refund in a very simple way such like a ledger account.
It will facilitate to the taxpayer to claim their income tax and sales tax refunds easily or transfer to their bank accounts, or adjustment with their already order issued for payment of tax with available tax refunds.
(Writer – Fayyaz AHMED Khan )
Global tax consultants