Written by Akhter Syed in Taxation The new IRIS facility will allow steel melters and re-rollers to declare verified electricity consumption when DISCOs fail to report supplies or file returns late. ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a facility allowing steel sector taxpayers to declare electricity units consumed during a month for calculating their sales tax liability. According to the FBR, Annex-K of the Sales Tax Return is mandatory for steel melters, re-rollers and composite units to calculate the correct sales tax liability under the Thirteenth Schedule of the Sales Tax Act, 1990. Annex-K is fully automated and normally receives electricity consumption data automatically after the relevant distribution companies (DISCOs) file their Annex-C returns for the respective period. However, the FBR said taxpayers have been facing difficulties where DISCOs either fail to declare supplies made to taxpayers or submit their returns after the relevant deadline. To facilitate taxpayers in the steel sector, particularly melters and re-rollers, the FBR has developed an interface for the concerned Chief Commissioners Inland Revenue (CCIRs). Under the new mechanism, taxpayers can apply online through the Iris automated system to the…