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FBR body made to remove anomalies in Finance Bill

The TORs of the Committee will be to review the identified and submitted anomalies and to advise FBR on removal of anomalies

Jahangir Hayat

LAHORE: FBR Chairman has constituted Anomaly Committee-Technical to remove anomalies in the Finance Bill-2019.
The Chairman, Federal Board of Revenue (FBR) has constituted an Anomaly Committee in order to identify and remove the technical and legal anomalies in the Finance Bill 2019. The committee will be chaired by Mr. Ashfaq Tola whereas the Co-Chairman of the Committee will be Dr. Hamid Ateeq Sarwar, Member (IR-Policy), FBR. The other members of the Committee are Mr. Abid Shaban, Mr. Zia Awan, Mr. Muhammad Awais, Mr. Asif Haroon, Mr. Abdul Qadir Memon, Mr. Amer Javed, Mr. Iftikhar Taj and Mr. Muhammad Rafique.

The TORs of the Committee will be to review the identified and submitted anomalies and to advise FBR on removal of anomalies.
Declaration of domestic assets in Pakistan is one of the important part of the act which states (1) subject to the provisions of this Act, any person may make, to the Federal Board of Revenue by the due date specified in section 6, a declaration in respect of undisclosed income and domestic assets acquired before the tenth day of April, 2018. (2) The value of a domestic asset shall be as specified in section 10. (3) The description, value and tax paid in respect of the undisclosed income and domestic assets declared in sub-section (1) shall be in the manner as set out in Form A of the Schedule to this Act. (4) The declaration of undisclosed income and domestic assets shall be made in the manner as set out in Form A of the Schedule to this Act, electronically on Federal Board of Revenue’s web portal and shall be valid only if it is accompanied by the evidence of payment of tax. The declarant may be required to provide additional item-wise details of such income and assets while filing declaration on Federal Board of Revenue’s web portal.

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