IR officers may determine fair price in transactions
Section 25AA of the Sales Tax Act, 1990 grants Inland Revenue (IR) officers the authority to determine the fair market value of supplies in transactions between associates. This provision, introduced through the Finance Act, 2021, reflects the Federal Board of Revenue’s (FBR) commitment to addressing potential discrepancies and ensuring arm’s length transactions are in line … Continue reading IR officers may determine fair price in transactions
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