Removal of anomalies in Finance Bill 2020: FBR may submit reports to Hafeez today

ISLAMABAD: The Federal Board of Revenue (FBR)'s Anomaly Committees are expected to submit their reports to the Advisor to the Prime Minister on Finance, Abdul Hafeez Shaikh, on Wednesday (today) for removal of technical and legal anomalies in the Finance Bill, 2020.

The technical committee headed by leading tax expert, Ashfaq Tola, has heard the cases filed by different sectors and industries along with FBR member customs policy and FBR member IR policy.

The final report would be submitted to the FBR chairperson and the advisor to the prime minister on finance.

The business committee is chaired by Saqib Shirazi, while member customs policy and member IR policy worked as co-chairmen.

Representatives from the PBC, the KCCI, KP and Quetta chambers, the FPCCI, the LCCI, and the APTMA are members of the committee.

Representatives from the PBC, the PTBA, the KTBA, the NTC and A. F. Ferguson & Co are members of the committee.

The committees were directed to identify anomalies and submit recommendations to the co-chairman by June 19, 2020.

The anomaly committees of the FBR are finalising lists of grievances, which were raised by business community, associations, chambers, trade bodies, individual companies, and investors, pertaining to the income tax, sales tax, excise duty and customs duty-related issues in the Finance Bill, 2020.