Tag: FBR

FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.

FBR announces winners of third POS invoice draw

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced winners of third balloting of invoices issued through Point of Sale (POS) of retailers.

According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Nasreen Akhtar on the invoice issued by Save Mart.

READ MORE: FBR announces prize winners in second POS invoice balloting

The FBR announced winners of two second prizes of Rs500,000 each to Muhammad Sajid Aslam on the invoice issued by New Haji Super Store and Raheel Shahbaz on the invoice issued by Rahat Bakers.

Similarly, the four winners of third prize amounting Rs250,000 each are Muhammad Shahid ur Rehman, Shahbaz Ahmad, Gul Niaz Bibi and Furqan.

The FBR conduct computerized balloting of invoices issued by Tier-1 retailers on every 15^th day of a month. This was third draw as it was started in January 15, 2022.

The FBR encouraged people to actively participate in the balloting to win prizes after buying from POS integrated retailers.

READ MORE: FBR announces winners of first POS prize draw

The FBR previously issued a procedure for participating in the prize scheme.

The revenue body said that the customers of the integrated tier-1 retailers, whose names and CNICs are notified through random computerized draw shall be entitled to prizes in respect of their purchases from the integrated tier-1 retailers.

The customers shall verify the electronically generated invoice of integrated retailers either through the “tax asaan” application or by sending SMS to number 9966.

READ MORE: Prize scheme on invoices issued by retailers

The application shall notify the customer regarding the status of the invoice either as “verified” or “unverified”.

In case of a verified invoice, the customer shall furnish one time, the following detail to the online system, namely:- Name; CNIC; and Mobile number.

Names and CNICs of the customers shall be included in the random computerized draw upon fulfillment of the requirement.

In case of an unverified invoice, the customer shall report the same through the system. The Board shall conduct inquiry and take appropriate action under the relevant provisions of law.

READ MORE: FBR launches prize scheme for POS customers

The computerized draw for the prizes shall be held in the first week of every month at the FBR Headquarters and the invoices of the immediately preceding month shall be entered in the draw.

Draw winners shall be required to perform biometric verification, at the nearest e-sahulat facility of NADRA and submit a scanned copy on the “tax assan” application. After successful biometric verification, winners shall be required to provide their IBAN through a “tax asaan” application.

The total prize money and the denomination of the prizes shall be decided on month to month basis by the Board.

March 15, 2022
Asem Iftikhar posted as DG Digital Invoicing, Analysts

ISLAMABAD: The Federal Board of Revenue (FBR) on Friday transferred Asem Iftikhar, a BS-20 officer of Inland Revenue Service (IRS) to the post of Director General, Directorate General of Digital Invoicing and Analysis.

The FBR notified transfers and postings of Inland Revenue officers in BS-18 to BS-20 with immediate effect and until further orders.

READ MORE: FBR transfers IRS officers BS-17 to BS-20

Following IRS officers have been transferred:

01. Asem Iftikhar (Inland Revenue Service/BS-20) has been transferred and posted as Director General (OPS), Directorate General of Digital Invoicing and Analysis, Islamabad from the post of Chief, (Admin Pool) Federal Board of Revenue (Hq), Islamabad.

02. Hassan Zulfiqar (Inland Revenue Service/BS-20) has been transferred and posted as Chief, (Legal-III) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad from the post of Chief, (Legal-II) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad.

READ MORE: FBR notifies transfer, posting of BS-19 IRS officers

03. Asif Haider Orakzai (Inland Revenue Service/BS-19) has been transferred and posted as Chief, (OPS) (WHT) Directorate General of Withholding Taxes Federal Board of Revenue (Hq), Islamabad from the post of Chief, (OPS) (Legal-III) Legal-IR Wing Federal Board of Revenue (Hq), Islamabad.

04. Faisal Asghar (Inland Revenue Service/BS-19) has been transferred and posted as Commissioner-IR (OPS), Inland Revenue (Appeals-I), Faisalabad from the post of Additional Commissioner, Corporate Tax Office, Lahore.

READ MORE: FBR transfers Sardar Khwaja as Member Audit

05. Ms. Saima Munawar (Inland Revenue Service/BS-18) has been transferred and posted as Additional Commissioner Inland Revenue, (OPS) Regional Tax Office, Lahore from the post of Additional Director, (OPS) Addl. Directorate of Internal Audit (Inland Revenue), Quetta.

06. Ms. Sadeea Nadeem (Inland Revenue Service/BS-18) has been transferred and posted as Additional Director, (OPS) Addl. Directorate of Internal Audit (Inland Revenue), Multan from the post of Additional Commissioner, (OPS) Regional Tax Office, Multan.

The FBR said the officers who are drawing performance allowance prior to issuance of this notification shall continue to draw this allowance on the new place of posting.

READ MORE: FBR transfers BS-20 IRS officers in major reshuffle

March 11, 2022
Tax collection from property purchase climbs up 24%

ISLAMABAD: The collection of advance tax from purchase of immovable properties climbed up by 24 per cent during first half of the current fiscal year.

According to official data released by Federal Board of Revenue (FBR), the collection of advance tax on purchase / transfer of immovable property increased to Rs27.7 billion during first half (July – December) of fiscal year 2021/2022 as compared with Rs22.36 billion in the corresponding half of the last fiscal year.

READ MORE: FBR registration made mandatory for housing projects

The FBR collects advance income tax on purchase or transfer of immovable property under Section 236K of the Income Tax Ordinance, 2001. Under this Section any person responsible for registering, recording or attesting transfer of any immovable property shall at the time of registering, recording or attesting the transfer shall collect advance tax from purchaser or transferee at the rate of one per cent of the fair market value.

READ MORE: Advance tax on purchase of immovable property

The collection of withholding tax from income from property also recorded an increase of 12 per cent during the first half of the current fiscal year.

The FBR collected withholding tax amounting Rs14.90 billion on income from property during first half (July – December) of 2021/2022 as compared with Rs13.32 billion in the corresponding half of the last fiscal year.

The authorities collect withholding tax on income from property under Section 155 of the Income Tax Ordinance, 2001.

READ MORE: Income tax on rental immoveable property

March 8, 2022
Customs officer awarded ‘major penalty’ for corruption

ISLAMABAD: The Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon an officer of Pakistan Customs on the charges of corruption, misconduct and inefficiency.

The FBR in an office order issued on Tuesday stated that disciplinary proceedings were initiated against Mansab Shah, Inspector (BS-16) posted in Collectorate of Customs (Enforcement), Lahore in September 2020 on account of ‘Inefficiency, Misconduct & Corruption’.

READ MORE: Customs officer awarded ‘dismissal from service’

Muteen Alam, Additional Collector (PCS/BS-19), Collectorate of Customs (Enforcement), Lahore was appointed as Inquiry Officer to conduct inquiry into the case on account of acts of omission and commission as detailed in the Charge Sheet / Statement of Allegations.

The Inquiry Officer submitted the inquiry report, according to which the charges of “Inefficiency, Misconduct & Corruption” were established against the accused officer.

Accordingly, the Collector, Collectorate of Customs (Enforcement), Lahore / Authorized Officer served Show Cause Notice dated February 15, 2021 upon the accused.

READ MORE: Customs I&I impounds smuggled fabric in Islamabad

Upon receipt of reply to the Show Cause Notice, the accused was granted personal hearings on February 24, 2021 and March 24, 2021 to show cause in his defence.

The authorized officer, after considering the inquiry report, reply to Show Cause Notice and oral submissions made during the personal hearings, found the accused officer guilty of “Inefficiency, Misconduct & Corruption” and recommended to the Authority i.e. Member (Administration/Human Resource), FBR to impose major penalty of “Reduction to the lower post of Data Entry Operator” upon the accused officer as prescribed under Rule-4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973.

READ MORE: MCC Gwadar seizes huge quantity of methamphetamine

The Member (Admn/HR)/Authority afforded an opportunity of personal hearing to the accused to defend the case in person on June 21, 2021. However, the accused failed to appear for hearing on the scheduled date and time and Final Show Cause Notice dated August 13, 2021 was served upon the accused by the Member (Admn/HR)/ Authority and he submitted written reply to the Show Cause Notice dated August 25, 2021.

The Member (Admn/HR) / Authority after going through the facts and record of the case, and having considered all aspects of the case submitted before him, did not agree with the recommendations of the Authorized Officer/ Collector regarding imposition of major penalty of “Reduction to lower post of Data Entry Operator” upon the accused and acting in the capacity as Authority, in exercise of powers conferred under Rule 5(1)(iv) of Government Servants (E&D) Rules, 1973 has imposed major penalty of “Dismissal from Service” upon Mansab Shah, Inspector (BS-16), Collectorate of Customs Enforcement, Lahore under Rule-4(1)(b)(iv) of the Government Servants (Efficiency & Discipline) Rules, 1973.

READ MORE: Peshawar Customs seizes narcotics worth Rs80 million

The accused shall have the right of appeal as admissible under the Civil Servants (Appeal) Rules, 1977.

March 8, 2022
FBR, PTA introduce temporary registration of cell phones

ISLAMABAD: Federal Board of Revenue (FBR) and Pakistan Telecommunication Authority (PTA) have jointly introduced a temporary registration of cell phones to facilitate overseas Pakistanis.

To address the repeated concerns raised by Overseas Pakistanis (including those working abroad or Pakistani students studying overseas) and foreign nationals visiting Pakistan on short term visits regarding blocking of their mobile devices via DIRBS, FBR and PTA have jointly developed a new system for their temporary registration in collaboration with Federal Investigation Agency (FIA) and Mobile Phone Operators, a statement said on Tuesday.

READ MORE: PM Imran directs implementing incentives for IT industry

This module has been introduced for those overseas Pakistanis and foreign nationals who do not intend to keep their mobile device in Pakistan and will be applicable for only one (1) mobile handset device.

To avail this facility, the applicant shall provide his/her credentials including passport No., date of arrival and intended date of departure, mobile SIM issued in his/her name, and IMEI(s) of the device.

READ MORE: Ufone 4G ranked top voice and data network

The new system shall carry out real time validation from FIA IBMS to verify the date of arrival of the applicant. On lapse of 120 days of the stay of the applicant, the IMEI(s) utilized under this facilitation shall be suspended and swill not be utilized on local network services. In case, same applicant visits Pakistan again, he/she will be required to re-apply for this temporary facilitation, by re-entering the credentials which were used for the 1st or previous registration under this scheme.

This system will not only facilitate overseas Pakistanis and foreign nationals coming to Pakistan on short term basis but will also create a positive image of the country. Likewise, the checks introduced under this system will ensure that only the genuine overseas Pakistani/foreign national avails the said facility.

READ MORE: Supernet wins ZTBL projects worth Rs450 million

It is pertinent to mention that FBR has already introduced a number of innovative digital interventions to ensure taxpayers facilitation and ease of doing business through technology. In the recent past, the country’s premier revenue collection organisation has collaborated with FIA and NADRA in developing an automated facility for Currency Declaration at ports to fight the menace of money laundering and thereby rule out the possible flight of foreign currency from Pakistan.

Therefore, the above initiative comes as yet another wonderful step taken by FBR to maximize taxpayers facilitation, in particular, the Overseas Pakistanis and Foreign Nationals visiting Pakistan for a short period of time.

READ MORE: PM Imran announces setting up technology startup fund

March 8, 2022
FBR introduces refund mechanism for pharma sector

ISLAMABAD: The Federal Board of Revenue (FBR) on Monday introduced mechanism for payment of sales tax refund to pharmaceutical sector.

In order to implement the mechanism the FBR issued SRO 383(I)/2022. The FBR amended Sales Tax Rules, 2006 through the instant SRO.

The government withdrew sales tax exemption on drugs through Finance (Supplementary) Act, 2022 and replaced the exemption with the zero-rated regime.

The FBR said zero-rated regime at import stage is introduced for drugs registered under the Drugs Act, 1976. Pharmaceutical goods and their raw materials were earlier exempt from Sales Tax; as a result, most of the supply chain was undocumented.

READ MORE: PPMA raises tax refund issue with finance minister

This had led to misuse of this facility and revenue leakages. Moreover, the sector had absorbed tax paid on various inputs including packaging material and utilities. These input taxes became part of cost and were passed on to patients. In order to address these issues, pharmaceutical products are made zero rated and any tax paid on their inputs are made refundable.

This measure will bring transparency to the sector and help FBR in documenting the entire supply chain. It will also help the government in controlling and reducing the price of pharmaceutical goods. “In order to process the refund claims of this sector, a refund module on the pattern of FASTER is devised.”

Through the latest SRO, the FBR introduced a new chapter in the sales tax rules, which shall apply to refund claims for the period commencing from 15th day of January, 2022 onwards, as filed by the registered persons engaged in import or supply of zero rated drugs as registered under the Drugs Act, 1976, or medicaments as classified under Chapter 30 of the First Schedule to the Customs Act, 1969 except PCT heading 3005.0000.

Following is the text:

391. Extent of payment of refund claim.—The total amount of refund paid against the claims filed and processed under this Chapter shall not exceed the lower of the two amounts, namely, the amount of input tax actually consumed in goods as supplied at zero-rated rate, or the amount as per ceiling, if any, determined by the Board, in terms of percentage of value or amount per unit of the quantity as deemed appropriate.

39J. Filing and processing of refund claims.—The data provided in the monthly national sales tax return shall be treated as data in support of refimd claim and no separate electronic data shall be required to be provided. The amount specified in column 29 of the return, as prescribed in the form STR-7, shall be considered as amount claimed, once the return has been submitted along with all prescribed annexures thereof:

Provided that the claimant may submit his return without Annex-H and the same may be filed separately at any time but not later than one hundred and twenty days. The date of submission of Annex-H shall be considered as the date of filing of refund claim:

Provided further that the period of one hundred and twenty days, as aforesaid, may be extended for a period not exceeding sixty days, by the Commissioner having jurisdiction, for reasons to be recorded in writing on the basis of an application made by the claimant.

Risk management in refund processing.—After submission of refund claim, in the aforesaid manner, the same shall be processed by risk management system (RMS). Based on the parameters in RMS, a refund claim shall be routed to the processing module referred to as fully automated sales tax e-refund pharma (FASTER Pharma). The claims that do not fulfil RMS parameters for processing through FASTER Pharma module shall be routed for processing under Chapter V.

Processing in FASTER PHARMA module.— The claims routed to FASTER Pharma module shall be electronically processed. The data in the refund claim shall be scrutinized and verified by the system and the payable refund amount shall be determined on the basis of RMS quality check of input consumed in supplies. The refund payment order (RPO) of the amount found admissible shall be generated and the same shall be electronically communicated direct to the State Bank of Pakistan, within seventy-two hours of submission of claim, for onward advice to the respective banks for credit into the notified account of the claimant.

Processing in STARR module.— The part of the refund claim that is not verified or not found admissible shall be subjected to system validation checks every week and RPO shall be generated for the amount found valid during each validation check. After every validation process, the information regarding RPO generated, if any, as well as the objections shall be communicated by the system to the refund claimant and also to the concerned IRS field formation for information. RPO so generated shall be communicated to the State Bank of Pakistan for payment in the aforesaid manner. After eight validation checks, including the initial one, if any amount still remains un-cleared, the same shall then be processed under STARR module as referred to in Chapter V.

39N. Miscellaneous.—The provisions relating to transmission of bank advice to State Bank post-refund scrutiny, supportive documents, responsibility of claimants and action in respect of inadmissible claims, as specified in Chapter V, shall, mutatis mutandis, be applicable to refund claims filed and processed under this Chapter:

Provided, however, that supportive documents shall only be presented by the claimant, if so required by the officer-in-charge of post-refund security, with the approval of Commissioner concerned.”

March 7, 2022
FBR allows 20-year old house value to open plot

ISLAMABAD: The Federal Board of Revenue (FBR) has allowed the value of immovable property constructed more than 20 years equal to the value of open plot.

According to property valuation for Karachi issued through SRO 345(I)/2022, the FBR issued a fresh property valuation for the residential and open plots located in various parts of the city.

READ MORE: FBR re-notifies valuation of immovable properties

The property registrar of the provincial government will collect withholding tax on the behalf of the FBR on the basis of property valuation fixed by the federal tax authority.

The FBR allowed reduction in valuation of properties on the basis of age of the built up structure.

It said that the value of residential built up property (including basement and first floor) is allowed to be reduced according to the following criteria:

01. Age of built up structure up to five years: no reduction is allowed in value.

02. Age of built up structure between five to 10 years: five per cent has been allowed as reduction in value.

03. Age of built up structure between 10 to 15 years: 7.5 per cent has been allowed as reduction in value.

04. Age of built up structure between 15 to 20 years: 10 per cent has been allowed as reduction in value.

05. Age of built up structure more than 20 years: the value shall be equal to an open plot.

The FBR further allowed reduction in value of built up properties (flats and apartments) according to following criteria:

01. Age of built up structure up to five years: no reduction will be allowed in value.

02. Age of built up structure between five to 10 years: 10 per cent has been allowed as reduction in value.

03. Age of built up structure between 10 to 20 years: 20 per cent has been allowed as reduction in value.

04. Age of built up structure between 20 to 30 years: 30 per cent has been allowed as reduction in value.

05. Age of built up structure more than 30 years: 50 per cent has been allowed as reduction in value.

The FBR also allowed reduction in value of commercial built up property according to the following criteria:

01. Age of built up structure up to 10 years: no reduction is allowed.

02. Age of built up structure between 10 to 15 years: 5 per cent has been allowed as reduction in value.

03. Age of built up structure between 15 to 20 years: 8 per cent has been allowed as reduction in value.

04. Age of built up structure more than 20 years: 10 per cent has been allowed as reduction in value.

The FBR said that the value of Commercial Plots of Defence Housing Authority facing Khayaban is increased by 10 per cent.

The value of commercial built up excluding ground floor has been reduced by 25 per cent.

The value of Residential Plots (Defence Housing Authority) of following categories may be decreased by 25 per cent:-

01. Nala facing plot

02. Commercial facing plot

03. School facing, mosque facing plot/Graveyard facing plot.

04. Rear plot (Back Side plot)/Triangle plot

For further details download new FBR’s property valuation for Karachi city.

March 7, 2022

FBR re-notifies valuation of immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) has re-notified fresh and revised valuation of immovable properties.

The FBR on March 02, 2022 issued re-notified the valuation tables of immovable properties for major cities of the country.

The FBR on December 01, 2021 issued fresh and updated valuation tables for around 40 major cities of the country. However, the FBR deferred the implementation of the new valuations of immovable properties till January 15, 2022 and further deferred till January 31, 2022. The FBR once again deferred the implementation on the valuation table till February 28, 2022.

The revenue body decision to defer the implementation came after several complaints received by the FBR those were pertaining to high valuation in the new tables.

The complaints were lodged by stakeholders including real estate agents and town developers, who pointed out extraordinary rise in property rates in the latest valuation tables.

The FBR issued detailed instructions to the tax offices on the procedure to be adopted to review the anomalies in the property rates and rationalize the same.

Accordingly, it has been decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by a stakeholder.

The FBR asked all the Chief Commissioners Inland Revenue (CCIRs) to constitute Valuation Review Committees (VRCs), and notify them by December 10, 2021.

Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021. Chief Commissioners will undertake consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations.

To issue the fresh and revised valuation tables, the FBR exercised its powers vested in the Income Tax Ordinance, 2001. The aim was to bring the FBR values at par with the fair market values.

However, certain objections from stakeholders highlighted anomalies and aberrations in the newly notified valuation tables. Although, the notified valuations have been arrived at by FBR Field Formations through a rigorous consultative process and wherefore have largely been well-received, yet the possibility of error cannot be ruled out, and the same cannot be taken as carved in stone.

Following are the valuation tables re-notified by the FBR:

FBR identifies 1,421 retailers for tax integration

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued a list of 1,421 retailers for mandatory integration with online tax system.

The FBR directed the retailers to integrate with the online tax system by March 10, 2022 in order to avoid harsh action.

The revenue board issued Sales Tax General Order No. 10 of 2022 asking Tier-1 retailers for integration with FBR’s Point of Sale (POS) system.

READ MORE: FBR issues list of 1,358 retailers for mandatory POS

The FBR said that the Finance Act, 2019 added sub-section 6 to section 8B of the Sales Tax Act, 1990 whereby a Tier-1 retailer, who did not integrate its retail outlet in the manner prescribed under sub-section 9A of Section 3 of the Sales Tax Act, 1990 during a tax period, its adjustable tax for that period would be reduced by 15 per cent. The figure of 15 per cent has been raised to 60 per cent through Finance Act, 2021.

The FBR further said that in order to operationalize the important provision of law, a system-based approach has been adopted whereby all Tier-1 retailers, who are liable to integrate but have not yet integrated, with effect from July 2021 (sales tax return filed in August 2021) are to be dealt with as per the procedure laid down in STGO No. 1 of 2022 issued on August 3, 2021.

READ MORE: Prize scheme on invoices issued by retailers

As per latest the STGO No. 10 of 2022, a list of 1,421 identified Tier-1 retailers has been issued allowing them to integrate with FBR’s system by March 10, 2022 and the procedure of exclusion from the list of 1,421 identified retailers shall apply as laid down in Para 2 of STGO 1 of 2022 dated August 03, 2021.

The FBR said upon filing of sales tax return for the month of February 2022 for all notified Tier-1 retailers having yet integrated, their input tax claim would be disallowed as above, without any further notice or proceedings, creating tax demand by the same amount.

READ MORE: FBR decides penal action against defaulting retailers

March 3, 2022
Tax amnesty launched for setting up new industrial units

ISLAMABAD: The federal government on Thursday launched a tax amnesty scheme for setting up new industrial units. The amnesty scheme has been introduced through a presidential ordinance.

Under the amnesty scheme, the Federal Board of Revenue (FBR) will not ask the source of funds to be utilized for setting up the new industrial undertaking. However, five per cent tax shall be levied for whitening the money.

READ MORE: FBR issues new list of active taxpayers

According to the Income Tax (Amendment) Ordinance, 2022, any eligible person may file a statement by September 30, 2022, declaring the amount of funds (which have not been declared in any of the returns of income up to tax year 2021 filed by December 31, 2021) for investment in a new company formed for establishing and operating an industrial undertaking in accordance with this section.

The funds shall be deposited in rupees in a dedicated bank account in Pakistan as equity of the newly formed company, incorporated under the Companies Act, 2017 (XIX of 2017), before the filing of the statement and such funds shall only be used for purchase or import of plant and machinery through letter of credit or for construction of building and structure for the industrial undertaking.

READ MORE; FBR launches new Active Taxpayers List; return filing grows by 58%

The minimum amount which would qualify for the purposes of this section shall be fifty million rupees.

The provisions of section 111 of the Income Tax Ordinance, 2001 (related to undisclosed income) shall not apply to the funds declared subject to fulfilment of conditions as laid down in this section and payment of an amount equal to five percent thereof along with the statement filed.

The new industrial undertaking in which such investment is made shall commence commercial production by the June 30, 2024 and a certificate to that effect, duly issued by Engineering Development Board, is submitted to the Commissioner along with the return filed for tax year 2024.

READ MORE: POS invoice verification for prize scheme surges by 63%

Any amount of tax paid under this section shall not be refundable or adjustable against any other tax liability of the declarant.

Where a declarant has paid tax under this section in respect of funds declared under sub-section (1), the declarant shall be entitled to incorporate the same in his wealth statement, financial statements or books of accounts, as the case may be.

READ MORE: Sales tax exempted on all petroleum products

For the purposes of this section, eligible person means all persons, except-

(a)          holders of public office, their spouses and dependent children;

(b)          a public company as defined in clause (47) of section 2 of this Ordinance;

(c)           a person who has filed a declaration under the Voluntary Declaration of Domestic Assets Act, 2018, the Foreign Assets (Declaration and Repatriation) Act, 2018, or the Assets Declaration Act, 2019;

(d)          a person that has been declared a bank loan defaulter by a bank or a financial institution within the last three years; or

READ MORE: FBR registration made mandatory for housing projects

(e)          a director of a company who has been declared a bank loan defaulter by a bank or a financial institution within the last three years.

(7)          The provisions of this section shall not apply to —

(a)          any proceeds of crime, corruption, money laundering and terror financing;

(b)          any amount which is subject of any departmental or court proceedings;

(c)           the investments made in following sectors, namely:–

(i)            arms and ammunitions;

(ii)           explosives;

(iii)          sugar;

(iv)         cigarettes;

(v)          aerated beverages;

(vi)         flour mills;

(vii)        vegetable ghee; and

(viii)       cooking oil manufacturing excluding extraction units.

March 3, 2022