AIRLINK 60.84 Increased By ▲ 1.14 (1.91%)
BOP 6.32 Increased By ▲ 0.06 (0.96%)
CNERGY 4.32 Increased By ▲ 0.05 (1.17%)
DFML 15.91 Increased By ▲ 0.21 (1.34%)
DGKC 69.12 Decreased By ▼ -0.08 (-0.12%)
FCCL 18.11 Decreased By ▼ -0.24 (-1.31%)
FFBL 26.37 Decreased By ▼ -0.38 (-1.42%)
FFL 9.18 Decreased By ▼ -0.10 (-1.08%)
GGL 10.21 Decreased By ▼ -0.09 (-0.87%)
HBL 117.06 Increased By ▲ 1.16 (1%)
HUBC 114.31 Decreased By ▼ -0.09 (-0.08%)
HUMNL 6.87 Increased By ▲ 0.07 (1.03%)
KEL 4.87 Decreased By ▼ -0.02 (-0.41%)
KOSM 5.36 Increased By ▲ 0.71 (15.27%)
MLCF 38.50 Increased By ▲ 0.11 (0.29%)
OGDC 123.33 Decreased By ▼ -1.97 (-1.57%)
PAEL 21.78 Increased By ▲ 0.22 (1.02%)
PIAA 11.80 Increased By ▲ 0.93 (8.56%)
PIBTL 6.08 Increased By ▲ 0.06 (1%)
PPL 113.07 Decreased By ▼ -1.03 (-0.9%)
PRL 28.22 Increased By ▲ 0.32 (1.15%)
PTC 11.39 Increased By ▲ 0.49 (4.5%)
SEARL 51.91 Increased By ▲ 0.21 (0.41%)
SNGP 67.35 Decreased By ▼ -0.91 (-1.33%)
SSGC 11.29 Decreased By ▼ -0.13 (-1.14%)
TELE 7.78 Decreased By ▼ -0.02 (-0.26%)
TPLP 11.54 Decreased By ▼ -0.06 (-0.52%)
TRG 71.72 Decreased By ▼ -1.15 (-1.58%)
UNITY 23.04 Decreased By ▼ -0.51 (-2.17%)
WTL 1.29 Decreased By ▼ -0.01 (-0.77%)
BR100 6,717 Increased By 68.3 (1.03%)
BR30 22,517 Decreased By -52.7 (-0.23%)
KSE100 65,326 Increased By 747.2 (1.16%)
KSE30 22,146 Increased By 256.6 (1.17%)

LAHORE: The Pakistan Tax Bar Association (PTBA) has urged Chairman Federal Board of Revenue (FBR) to issue instructions to PRAL for changing the status of non-profit organizations, trusts and entities or bodies of persons constituted under the Income Tax Ordinance from Association of Persons (APO) to Company.

In a letter to the chairman of board, the PTBA leadership has drawn his attention to an important aspect regarding change in the definition of ‘Company’ vide amendment made in section 80(2) (va) and (vb) through Finance Act, 2013, and adding non-profit organization, trusts, and entities or bodies of persons established or constituted by or under any law for the time being in force to it.

General Secretary PTBA Ch Qamar Uz Zaman said such organizations were assigned status of “AOP” by FBR prior to this amendment and the status of all such organizations should be changed from AOP to Company after the said amendment.

However, he said, a number of such organizations are still have status of AOP in IRIS due to systemic error existed in the system. He said a number of such organizations have applied for approval under sections 2(36)/100C of the Income Tax Ordinance, 2001 but these have not been processed due to the reason that these organizations are not appearing in the folder of relevant Commissioner CTOs who has been assigned the power of approval under the said sections.

He said the Association has written to the chairman for instructions to PRAL for a change in the status of all such organization from AOP to Company in the system to facilitate the concerned commissioners to process the applications.

Copyright Business Recorder, 2021

Comments

Comments are closed.