ISLAMABAD: The Federal Board of Revenue (FBR) has extended the last date for filing statement of information of foreign entities and individuals operating in Pakistan.
The FBR on Wednesday issued a Circular No. 01 of 2021-22 – International Taxes dated May 31, 2022.
The FBR extended the deadline for filing of statement under Section 165B of the Income Tax Ordinance, 2001 read with Rule 78L Chapter XIIA of the Income Tax Rules, 2002 up to June 15, 2022.
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Under Section 165B of the Ordinance, financial institutions, including banks are required to furnish information of non-residents.
“(1) Notwithstanding anything contained in any law for the time being in force including but not limited to the Banking Companies Ordinance, 1962 (LVII of 1962), the Protection of Economic Reforms Act,1992 (XII of 1992), the Foreign Exchange Regulation Act, 1947 (VII of1947) and any regulations made under the State Bank of Pakistan Act,1956 (XXXIII of 1956) on the subject, every financial institution shall make arrangements to provide information regarding non-resident or any other reportable persons to the Board in the prescribed form and manner for the purpose of automatic exchange of information under bilateral agreement or multilateral convention.
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(2) All information received under this section shall be used only for tax and related purposes and kept confidential.
(3) For the purpose of this section, the terms “reportable person” and “financial institution” shall have the meaning as provided in Chapter XIIA of the Income Tax Rules, 2002.”
The Rule 78L of the Income Tax Rules, 2002 explained the date for filing of common reporting standards reports.
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The annual domestic reporting date for filing of common reporting standards reports by reporting financial institutions shall be 31st May of each year.
The common reporting standard reports shall be filed on the AEOI portal on FBR’s official website in CRS XML Schema prescribed by the Global Forum of Organization for Economic Cooperation and Development (OECD).
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