ISLAMABAD: The Federal Board of Revenue (FBR), Thursday rescinded its letter dated February 17, 2000 on the adjustment of the liabilities of the Workers Welfare Fund (WWF) against refund of income tax. In this connection, the FBR has issued instructions to the Chief Commissioners Inland Revenue in the field formations, here on Thursday.

According to the FBR’s instructions, the FBR’s letter of revenue budget dated February 17, 2000 is hereby rescinded, the FBR added. The rescinded letter of the FBR dated February 17, 2000, said, “Representations have been made to the Board that the department is not allowing adjustment of income tax refunds against the liability of the WWF. It has, therefore, been decided that since collection of the WWF arrear demand is also the responsibility of the Department, the refund of income tax should be adjusted against the demand of the WWF.”

Copyright Business Recorder, 2022