Lahore: The Federal Board of Revenue (FBR) recently decided to revise the committee structure for the issuance of advance ruling to foreign investors — a news source reported. As per the publication, this revision was made through SRO 07(I)/2019 that proposed amendments in the Income Tax Rules, 2002.
According to the amended procedure, a non-resident investor desiring an advance ruling under Section 206A of the Income Tax Ordinance 2001 will have to submit an application to the FBR according to the form set out in the schedule of the ordinance.
This application will then be considered by a committee that is expected to consist of the following members:
Chairman FBR
Member Inland Revenue, FBR
A nominee of the Law and Justice Division not below the rank of BPS-21.
If needed, the committee will also obtain the comments of the commissioner concerned if needed. Similarly the advice of a legal expert may also be obtained if deemed necessary. Afterwards, the committee will make the final judgement regarding the issue.
Importantly, the advance ruling will be binding on the commissioner for that specific transaction only and will remain in force until the circumstances or the law pertaining to that ruling changes at any time.
