FBR Introduces Electronic Filing Rules for Company Financial Statements

ISLAMABAD: The Federal Board of Revenue (FBR) has announced a significant shift in the filing of company financial statements, proposing that from the tax year 2026, all submissions must be made in an electronically readable format via the IRIS portal. This proposal was formalized through SRO 1912(I)/2026 issued on Tuesday, which amends Rule 73 of the Income Tax Ordinance.

The new regulation aims to streamline the tax filing process and enhance compliance among businesses. An FBR spokesperson stated, “This initiative will not only simplify the submission process for companies but also improve the accuracy and efficiency of tax assessments.” The move is part of a broader strategy to digitize tax administration in Pakistan.

This change is expected to have far-reaching implications for the corporate sector, as it mandates a shift towards digital documentation. Experts believe that this could lead to increased transparency in financial reporting and potentially reduce tax evasion. However, businesses may need to invest in new technologies to comply with the new requirements.

Looking ahead, the FBR plans to hold consultations with industry stakeholders to discuss the implementation of these new rules. Companies are advised to prepare for this transition by upgrading their financial reporting systems ahead of the 2026 deadline.