The Federal Board of Revenue (FBR) is working on developing an ‘expeditious settlement’ of ‘non-duty paid’ fast moving consumer goods available in the market, FBR Chairman Syed Shabbar Zaidi said on Saturday.
The chairman said in a tweet that the details of the development would be released next week. “The purpose is to facilitate businessmen and improve documentation without disturbing business confidence,” said FBR chief.
FBR is working in developing a ‘expeditious settlement’ of ‘non duty paid’ fast moving consumer goods available in the market. Details will be released next week. The purpose is to facilitate businessmen and improve documentation without disturbing business confidence.
— Syed Shabbar Zaidi (@ShabarZaidi) 7 December 2019
Earlier, on Friday it emerged that banks have withdrawn their petitions from Sindh High Court (SHC) on the issue of providing information under Sections 165 and 165A (furnishing of information by banks) of the Income Tax Ordinance 2001 after settlement of issues with the FBR.
It is learnt that similar petitions of the banks in Lahore High Court would also be withdrawn.
According to the order sheet of the SHC, there is a bunch of petitions involving similar points. Some of the counsel for the petitioners seek permission to withdraw the petitions on the ground that since an understanding in respect of issues involved in the petitions has been reached between the FBR and the banks, hence they do not press these petitions.
Since the issues are common in all the petitions, hence all the petitions along with the pending applications stand disposed of in view of the said settlement made with the FBR.