FBR proposes further changes to income tax rules 2...

Summary

• Under the proposed system, non-resident ship owners, charterers and authorized shipping agents would be required to file their Section 143 returns electronically through the FBR’s computerized IRIS system.
• Shipping agents and other relevant parties would generate Payment Slip Identification Numbers (PSIDs) against the VIR and make the required payments.
• The draft further states that tax recovery under Section 143 would be pursued against the authorized shipping agent while preserving the agent’s right to recover the amount from other responsible parties under the law.

AI Generated Summary

The Federal Board of Revenue (FBR) has released a draft proposing further amendments to the Income Tax Rules 2002 including a new mechanism for filing tax returns electronically under Section 143 of the Income Tax Ordinance 2001.

The proposed rules have been issued for public feedback. Stakeholders can submit objections and suggestions to the FBR within seven days of the draft’s publication in the official gazette.