Tuesday, 28 May 2024

FBR launched online module for Greenfield investors status registration

Federal Board of Revenue (FBR) launched an online module to facilitate investors to apply online to allow Greenfield industry status.

Federal Board of Revenue (FBR) launched online module in Iris for providing facility for submission of applications for the approval of “Greenfield Industry Status.” For this purpose, two separate applications in the module have been given under the Income Tax Ordinance, 2001 and Sales Tax Act, 1990.

The Federal Board of Revenue (FBR) will allow status of the ‘Greenfield Industry’ to the business units after taking opinion of the Engineering Development Board (EDB) for allowing or disallowing sales tax exemption to such companies.

Procedure for applying Greenfield Industry Status with FBR

Previously, the FBR issued S.R.O. 777(I)/2020 to amend Sales Tax Rules 2006. Whereby, FBR issued a procedure for business units for taking status of “Greenfield Industry.”

Greenfield Industry“, as defined in sub-clause (12A) of section 2 and for exemption under Serial No.150 of the Table -I of Sixth schedule to the Sales Tax Act 1990, shall make an application electronically to the Commissioner Inland Revenue having jurisdiction in the form prescribed in Annexure-I along with documents mentioned in Annexure-II.

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After examination of the application the Commissioner Inland Revenue will forward the application to the Engineering Development Board. The EDB shall process the application within the given time and will give its expert opinion and findings.

The Commissioner Inland Revenue after completion of all formalities will through an order in writing, allow the application of the industrial undertaking for issuance of status of “Greenfield Investor.”

A d v e r t i s e m e n t


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