Monday, 15 April 2024
Trending
FBR issues clarification on suspicious exemption certificates
UPDATES

FBR issues clarification on suspicious exemption certificates

Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of 10th August, 2021.

The news item, inter alia, mentions that FBR field formations have issued thousands of exemption certificates without fulfilling the requirements envisaged in law. FBR has clarified that the news has been reported without understanding the relevant provisions of SRO 717(I)/2014 and context of FBRs’ correspondence with field formations.

The law stipulates inherent mechanism for examining the propriety and correctness of the exemption certificates issued during a certain period and such exercise is a routine affair at field formation level. Accordingly, field formations were asked by FBR to conduct scrutiny of the exemption certificates issued during tax year 2020 at the time of close of the tax year. The news has been reported out of context and without ascertaining the facts of the matter.

Top Tax Consultants Tax Return submission Last Date
Ads:

Exemption Certificates | Suspicious | FBR Clarification | Federal Board of Revenue | IRS | Online Income Tax Returns |

See also  State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: