LAHORE: The Federal Board of Revenue (FBR) has inserted a new section to Income Tax Rules, 2002, through a notification 960(I)/2021 dated 2nd of August 2021.

According to details, the Board has inserted Rule 19H after Rule 19G in the Income Tax Rules 2002, which prescribes documents and statements for information required to be furnished to the Commissioner under sub-section 7 of section 101A. Besides, it also deals with fair market value of the assets and determines the reasonable attribution of income of the non-resident in respect of assets located in Pakistan for the purposes of sub-section 6 of Section 101-A.

Meanwhile, the Board has amended the Customs Rules 2001 and a new chapter containing Export Facilitation Scheme 2021 has been added that would be operative from 14th August 2021. Copies of the two notifications are available with the Business Recorder.

It may be noted that the export facilitation scheme has been amended time and again and both the Board and stakeholders were engaged with each other to finalize it.

Copyright Business Recorder, 2021