ISLAMABAD: As a part of awareness campaign under the directions of Director General Anti-Benami Initiative, Islamabad, the Commissioner Inland Revenue, Anti-Benami Initiative, Zone-II, Lahore visited Faisalabad Chamber of Commerce & Industry (FCCI). The session was attended by members of Faisalabad Chambers of Commerce & Industry.
The session included presentation on the Benami law, legal structure, and its implications on the economy as a whole. After the presentation, question and answers session was held. The members of Chambers of Commerce & Industry asked questions related to Benami law.
The members of FCCI requested the Commissioner Inland Revenue, Anti-Benami Initiative, Zone-II, Lahore to put forth their suggestion to the policy makers regarding announcement of an amnesty scheme for benami properties.
The session ended on a note of thanks from the Commissioner Inland Revenue, Anti-Benami Initiative, Zone-II, Lahore.
Meanwhile, Federal Board of Revenue has issued a clarification on a news story titled “FBR issues thousands of suspicious exemption certificates” appearing in a magazine with the name “Profit” in its edition of 10th August, 2021.
The news item, inter alia, mentions that FBR field formations have issued thousands of exemption certificates without fulfilling the requirements envisaged in law.
FBR has clarified that the news has been reported without understanding the relevant provisions of SRO 717(I)/2014 and context of FBRs’ correspondence with field formations.
The law stipulates inherent mechanism for examining the propriety and correctness of the exemption certificates issued during a certain period and such exercise is a routine affair at field formation level.
Accordingly, field formations were asked by FBR to conduct scrutiny of the exemption certificates issued during tax year 2020 at the time of close of the tax year. The news has been reported out of context and without ascertaining the facts of the matter.