KTBA flags IRIS wealth balance issue for returning Pakistanis
For overseas Pakistani tax filing, the KTBA says IRIS locks in a June 30, 2023 wealth balance that returning taxpayers cannot edit for Tax Year 2026.
The Karachi Tax Bar Association asked the FBR to modify IRIS so returning individuals can enter an appropriate opening wealth balance for Tax Year 2026.
IRIS carries forward the wealth balance from the last Wealth Statement filed, and taxpayers cannot edit that figure.
The example case involves a person who was non-resident in Tax Years 2024 and 2025 and must file a Wealth Statement for Tax Year 2026.
The KTBA wants the change made urgently so affected people can file their Wealth Statements correctly.
No FBR decision on the request has been reported so far.