Taxpayer’s Profile Section 114A

Taxpayer’s Profile Section 114A

The Finance Act has inserted a new section in the Ordinance whereby the below-mentioned persons shall furnish a profile:

  1. every person applying for tax registration;
  2. every person deriving Income from business;
  3. every person whose income is subject to final taxation;
  4. any non-profit organization as defined under the law;
  5. any trust or welfare institution; or any other person prescribed by the Board

The taxpayer’s profile shall be in the prescribed form and shall be accompanied by prescribed annexures, statements or documents and shall fully state the following particulars:

  1. bank accounts;
  2. utility connections;
  3. business premises including all manufacturing, storage or retail outlets operated or leased
    by the taxpayer;
  4. types of businesses; and
  5. such other information as may be prescribed;
  6. shall be signed by the person being an individual, or the person’s representative; and
  7. shall be filed electronically on the web as prescribed by the Board.

This profile is required to be submitted:

  1. latest by December 31, 2020, where the person has obtained registration under section 181
    of the Ordinance before September 30, 2020, or
  2. in any other case, within 90 days of registration.

Subsequently, any change in information provided in the profile shall be updated within 90 days of the
change.

Furthermore, any non-compliance of the above will attract monetary penalties and will lead to noninclusion of the taxpayer’s name in the ATL.

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