ISLAMABAD: The Finance Bill 2020 has proposed to insert definition of IRIS to income Tax Ordinance, 2001.
The Finance Bill 2020 proposed many changes to Section 02 of the Ordinance.
A new clause (30AC) to Section 2 of the Ordinance has been proposed to define IRIS
“IRIS” means a web based computer programme for operation and management of Inland Revenue taxes administered by the Board;
in section 2,—
A new sub-clause (aa) to clause 29C of Section 2 has been inserted:
“(aa) from the 1st day of May, 2020, a person directly involved in the construction of buildings, roads, bridges and other such structures or the development of land, to the extent and for the purpose of import of plant and machinery to be utilized in such activity, subject to such conditions as may be notified by the Board; and “;
After clause (30), the following new clause shall be inserted, namely:—
“(30A) “integrated enterprise” means a person integrated with the Board through approved fiscal electronic device and software, and who fulfills obligations and requirements for integration as may be prescribed;”;
After clause (30AB), re-numbered as aforesaid, the following new clause shall be inserted, namely:-
“(30AC) “IRIS” means a web based computer programme for operation and management of Inland Revenue taxes administered by the Board;”;
For clause (31A), the following shall be substituted, namely:–
“(31A) “Local Government” shall have the same meaning for respective provisions and Islamabad Capital Territory as contained in the Balochistan Local Government Act, 2010 (V of 2010), the Khyber Pakhtunkhwa Local Government Act, 2013 (XXVIII of 2013), the Sindh Local Government Act, 2013 (XLII of 2013), the Islamabad Capital Territory Local Government Act, 2015 (X of 2015) and the Punjab Local Government Act, 2019 (XIII of 2019) ;”; and
In clause (36),—
In sub-clause (a), for the expression “or development purposes” the expression “purposes for general public” shall be substituted; and
In sub-clause (b), after the word “registered” the words “by or” shall be inserted.
