ISLAMABAD: The Federal Board of Revenue (FBR) will grant status of the 'Greenfield Industry' to the industrial undertakings after seeking expert opinion of the Engineering Development Board (EDB) for allowing tax concessions to such companies.
Through S.R.O. 823(1)2020 issued by the FBR here on Wednesday, the FBR has proposed draft amendments in the
Income Tax Rules, 2002.
The procedure said that a "Greenfield Industrial Undertaking" set up in Pakistan requiring approval of the Commissioner shall make an application electronically to the Commissioner. On receipt of an application under rule 220C, the Commissioner Inland Revenue may make such inquiries or call for such further information or documents as deemed necessary.
After scrutiny of the application and the documents, the Commissioner Inland Revenue shall forward the application to the Engineering Development Board (EDB) for seeking certification to the effect that process or technology used by the Industrial Undertaking has not earlier been used in Pakistan. Upon receipt of application forwarded by Commissioner Inland Revenue, the EDB shall process the same within the time stipulated by him and communicate its expert opinion/findings with regard to the query raised in sub-rule (2) to the Commissioner Inland Revenue, FBR said.
On receipt of an application under rule 220C, the Commissioner, after completion of formalities, may approve the organization
for the purpose of clause (27A) of section 2 of the Ordinance. An approval granted shall be notified in the official Gazette; and subject to such conditions as the Commissioner may specify in the approval.
The Commissioner may refuse to approve the Industrial Undertaking if the Commissioner is satisfied that the Industrial
Undertaking does not fulfill the conditions of Greenfield Industrial Undertaking.
The Commissioner Inland Revenue shall finalize the applications filed under Rule 220C within fifteen days of its receipt.
Copyright Business Recorder, 2020
Comments are closed on this story.