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The Federal Board of Revenue (FBR) has revised committee structure for issuance of advance ruling to foreign investors. The FBR has issued SRO 07(I)/2019 to propose amendments in the Income Tax Rules, 2002.

Under the procedure for issuance of advance ruling under section 206A of the Income Tax Ordinance 2001, a non-resident person desiring an advance ruling shall make an application to the FBR in the form set out in the Schedule.

The application shall be considered by a committee consisting of the members i.e. (a) chairman Federal Board of Revenue (chairman), (b) Member Inland Revenue, FBR (member) and, (c) a nominee of the Law and Justice Division not below the rank of BPS-21 (member).

The committee may obtain comments of the commissioner concerned and, if it considers necessary, advice of a legal expert on the application and decide the issue, as it may deem appropriate, in a joint sitting or through circulation amongst its members.

Advance ruling for the purposes of this rule means determination by the committee in relation to the transaction which has been undertaken or is proposed to be undertaken by a non-resident person.

The advance ruling shall be binding on the commissioner only in respect of the specific transaction on which such advance ruling is issued. The advance ruling shall continue to remain in force unless there is a change in facts or in the law on the basis of which the advance ruling was pronounced.

The copy of the advance ruling pronounced by the FBR shall be provided to the applicant and to the commissioner having jurisdiction over the case. The advance ruling shall cease to be binding on the commissioner, if it is subsequently found to have been obtained by fraud or misrepresentation of facts about the nature of the transaction on which advance ruling was issued.

Copyright Business Recorder, 2020