ISLAMABAD: Tax offices have highlighted anomaly in extending concessionary rate of tax or exemption under Section 148 of the Income Tax Ordinance, 2001 to imported goods at customs stage. Large Tax Offices (LTOs) Islamabad and Karachi pointed out the anomaly and advised the Federal Board of Revenue (FBR) to rectify as taxpayers were suffering. Large […]
ISLAMABAD: Federal Board of Revenue (FBR) issued a procedure for issuing tax exemption certificate for residents of erstwhile FATA/PATA. The FBR issued circular No. 13 of 2021 stating that a standardized procedure for the issuance of Exemption Certificate on quarterly basis is being rolled out so as to ensure fair operationalization of the exemptions enshrined […]
ISLAMABAD: Procedure for obtaining certificate to get exemption from advance income tax on imported goods has been laid down in Income Tax Rules, 2002. The FBR issued Income Tax Rules, 2002 (updated up to September 08, 2020) under which Rule 40D explains the procedure for exemption certificate. Rule 40D: Import under an Exemption Certificate (1) […]
ISLAMABAD: A commissioner of Inland Revenue has been authorized to cancel or modify exemption certificate issued automatically by online system IRIS. Through Finance Act, 2020 amendment has been made to Section 153 of Income Tax Ordinance, 2001. As per the amendment the commissioner of Inland Revenue of Federal Board of Revenue (FBR) is required to […]
KARACHI: The Federal Board of Revenue (FBR) allowed automated issuance of exemption certificate in case commissioner delays in approval.
ISLAMABAD: The government has facilitated manufacturers in obtaining exemption certificates for import of raw material.
KARACHI: Federal Board of Revenue (FBR) has been suggested to remove restriction of exemption certificates for import of plant and machinery for new projects in order to promote industrial growth in the country. Pakistan Tax Bar Association (PTBA) in its tax proposals for budget 2019/2020 said that existing procedures and rules for obtaining exemption certificates […]