Tax under Section 7E on immoveable properties: Inland revenue chief commissioners issued instructions

ISLAMABAD: The Federal Board of Revenue (FBR) Monday issued draft of proposed amendments in the Inland Revenue Statutes for simplification and harmonization of existing tax laws.

In this connection, the FBR on Monday issued proposed changes in Inland Revenue Statutes for “Harmonization and Simplification - Invitation for Feedback Regarding”.

The FBR has issued separate proposed simplified tax laws under the Income Tax Ordinance, 2001; Sales Tax Act, 1990; Federal Excise Act, 2005 and the Islamabad Capital Territory (Tax on Services) Ordinance, 2001.

According to the FBR, the Board is currently engaged in exercise for simplification and harmonization of Inland Revenue’s Tax Statutes including Income Tax Ordinance, 2001; Sales Tax Act, 1990; Federal Excise Act, 2005; Islamabad Capital Territory (Tax on Services) Ordinance, 2001.

The simplification and harmonization of the procedures and processes under each of these statues with each other for uniformity and ease of implementation/compliance for the tax collectors and the taxpayers is a key priority of FBR.

In this regard, proposed drafts of amendments in the aforesaid Inland Revenue Statutes are hereby published on the FBR website, inviting valuable feedback and comments of the general public and other stakeholders to be provided by Dec 31, 2023. Subsequently, after further deliberations with stakeholders, the proposals will be considered during the preparation of the Finance Bill 2024.

The feedback may be provided by Dec 31, 2023 at the following email address: [[email protected]]. It is further requested that abovementioned subject may be used while sending the feedback, FBR added.

Copyright Business Recorder, 2023