16/10/2024
The IRIS portal of FBR has recently introduced an additional requirement in the STR-7 "filing of return form" which seeks a verification from the Principal Officer / Chief Financial Officer / Head of Finance (as has been declared in taxpayers profile @ FBR Portal) of the business by way of an affidavit certifying that no fake or flying invoices have been entered either by immediate vendors or subsequent tiers in the supply chain.
We believe such an affidavit is not supported by law and it is unreasonable and unfair to hold the Principal Officer, CFO, etc. personally liable for ensuring compliance with the aforesaid conditions. Accordingly, we are in the process of engaging legal counsel to challenge its validity.
If you like to become part of the proposed petition, kindly convey your concurrence in writing to us. We may add that the legal cost of petition will depend on the number of participants and, thus, will be confirmed later on.
