The Federal Board of Revenue (FBR) has decided to release the consignments of FATA/PATA residents stuck-up at the Karachi Port… Read More
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The Federal Board of Revenue (FBR) has decided to release the consignments of FATA/PATA residents stuck-up at the Karachi Port against Postdated Cheques (PDCs) under standard tracker mechanism for monitoring of consignments till factories located in tribal areas.
The FBR has issued Circular No.09 of 2021 here on Tuesday on the mechanism to be adopted for the release of Consignment of FATA/PATA Residents Stuck-up at the Karachi Port.
A meeting was held under the Chairmanship of the Chairman, FBR with Inland RevenueOperations and Customs Operations Wings to sort out the issues of imported goods of FATA/PATA residents stuck-up at Karachi Ports, Consumption/Installation Certificates, Postdated Cheques and Exemption Certificates under section 148 of the Income Tax Ordinance, 2021.
After thorough deliberations between the Chairman, Member (IR-Operations), and Member (Customs-Operations) following mechanism was devised for the release of consignments of FATA/PATA residents stuck-up at the Karachi Ports:
The CIR, Corporate Zone, RTO, Peshawar will ensure the monthly stock-taking of the raw materials consumed in the production of manufactured goods by these manufacturing units. This stock-taking will facilitate in the issuance of the Consumption Certificate under S.No.151 of the Sixth Schedule of the Sales Tax Act, 1990.
The residents of FATA/PATA will apply for tax exemption certificates under section 159 of the Income Tax Ordinance, 2001 for the import of raw material/machinery in light of the Peshawar High Court, Mingora Bench, (Dara-ul-Qaza), Swat’s decision dated 24.11.2020.
The FBR has directed the Commissioner Corporate, RTO, Peshawar, and Collector Customs (Enforcement & Compliance), Peshawar would keep a close liaison to successfully implement the laid down mechanism, FBR added.
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02/03/2021 04:34 PM
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