Usually, when a CEO is changed or a director leaves, this will be quickly reflected in the SECP. However, it may not be reflected in the FBR.
This can cause real issues. Notices will go to the wrong person, former directors will be linked to the company, and your filings will come to a halt due to lack of access.
This guide shows you how to change the Principal Officer of a company/AOP in the FBR Iris portal.
What Is A Principal Officer?
A Principal Officer of a company or association of persons is defined under section 2(47) of the Income Tax Ordinance 2001 as:
- Any director, manager, secretary, agent, accountant, or like officer;
- Any person having connection with the management of the association or company notified by the Commissioner as Principal Officer.
Typically, this is the CEO, Managing Director, or authorised director responsible for tax compliance.
Benefits Of Updating Principal Officer
- Correct notices go to the correct individuals – audit, assessment and section 111 notices will go to the correct officer.
- Protection for former officers – former CEOs may still be attached to your company.
- Continuity in filing – returns, withholding statements and sales tax will need to have an up-to-date authorised officer.
- Verification from banks/counterparties – often the FBR registration details will be requested during due diligence.
How To Change
Changes can be requested by companies via the Iris portal. This will then be sent to your company’s Regional Tax Office (RTO)/Corporate Tax Office for approval.
Documents Needed
Ensure your documents are clear and in PDF format.
SECP Form 29
Certified copy of SECP Form 29 showing the new Chief Executive/directors have been appointed.
This should reflect the same change you are requesting.
Board Resolution
Board Resolution appointing/authorising the new Principal Officer for FBR.
Should be signed and dated, ideally on company stationery.
Authority Letter
Authority letter indicating the new Principal Officer on company stationery.
Signed by authorised directors.
New Officer Details
- Copy of new officer’s CNIC.
- Mobile number registered in their name against their CNIC.
- Email address they have control of.
Other Helpful Documents
- Copy of company certificate of incorporation.
- Resignation/cessation documents from outgoing officer.
Changing Your Principal Officer On Iris
Menu names may vary depending on what version of Iris you are on. However, the steps below should help.
Log in to the company Iris account
- Visit https://iris.fbr.gov.pk
- Log in to your company Iris profile using your registration number and password.
- Do not log in to an individual account for a director.
Start Modification
- Click Registration.
- Click on Form 181.
- Choose Current Tax Year/period.
A draft of your current registration will appear.
Update Directors/Officers
- Click on the tab for directors/partners/linked.
- Find the outgoing officer.
- Enter the date they have ceased to be an officer and de-link/remove them.
- Add a new officer by entering their CNIC.
Set Principal Officer
- Under Capacity, choose Principal Officer.
- Ensure only 1 current officer is being shown as principal officer (unless this is required).
- Make care to update your corporate cellphone and email if they were tied to the exiting officer.
Attachments
Click Attachments.
Attach the following documents:
- SECP Form 29.
- Board Resolution.
- Authority Letter.
- Copy of new officer’s CNIC.
Verification
- Enter your company PIN.
- Click on verify and submit
- Save your acknowledgement.
After Submission
Not instant.
Often, individual profiles will be processed quickly. However, corporate modifications will typically be looked at by an officer at your company’s RTO/CTO.
They will check:
- The new officer matches the SECP.
- All documents are filled in and signed.
- CNIC and mobile number are valid.
Processing Time
- Often takes a few working days.
- If there are missing papers or the officer needs more clarification, it can take longer.
- If nothing has happened after a week or so, follow up with your RTO.
Once Approved
- Your new Principal Officer will be shown on your company registration.
- All notices/correspondence will be sent to the correct people.
- If the outgoing officer had access to your company Iris details, ensure you change your password/PIN.
Common Mistakes
- Ensure you update both the SECP and FBR. They should match.
- Ensure you are logging into your company account. Never use an individual account.
- Use a cellphone number in another person’s name.
- This can cause issues with verification codes.
- Don’t leave your old officer in. Ensure you enter a date they have ceased to be an officer.
- Clean up your papers. Blurry scans slow things a lot.
- Don’t forget Sales Tax. If your company is registered for sales tax, ensure this is also showing on your sales tax profile.
- If the outgoing officer knew your password/PIN, ensure that this is changed.
When To Update
- As soon as the change has been recorded in the SECP.
- Don’t wait till the next return. This can cause problems with notices being sent to a person who is no longer an officer and deadlines continuing.
Let TaxAccountant.pk Do It For You
Changing your Principal Officer can be easy if everything is in order. If not, however, it could cause delays of weeks.
Our corporate team can handle:
- SECP filings (Form 29).
- Board Resolutions and Authority Letters.
- Form 181 Modification.
- Following up with the RTO.
- Company tax compliance.
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