The Federal Board of Revenue (FBR) has constituted a committee for resolution of tax disputes of foreign investors and reduce communication gaps with tax authorities.
In this connection, the FBR has issued a notification here on Tuesday.
According to the FBR’s notification, a Committee comprising of following members is hereby constituted with immediate effect for resolution of tax matters of foreign investors and to reduce communication gaps with tax authorities:
Chairman of the committee would be Mir Badshah Khan Wazir, Member (Legal-Inland Revenue); members of the committee included representative from Overseas Investors Chamber of Commerce & Industry (OICCI); representative from respective foreign country’s business association in Pakistan; Commercial Counsellor or any representative of the Consulate General of any of the respective countries; representative from the Federation Commerce & Industry (FPCCI); representative from the relevant city’s Chamber of Commerce & Industry and Chief (IR.-Operations).
The ToRs of the Committee shall be to provide structured institutional support to foreign investors; ensure timely resolution of Inland Revenue tax-related issues of foreign investors.
To address challenges to foreign businesses operating in Pakistan regarding interpretation of tax laws, issues in issuance of refunds and in withholding tax adjustments.
The Committee shall convene meetings on fortnightly basis or at least once every month, ensuring regular engagement and timely resolution of issues raised by foreign investors.
