ISLAMABAD – The Federal Board of Revenue (FBR) has introduced significant amendments to income tax rules, providing relief to exporters.
According to the FBR, under the new rules, exporters with income exceeding Rs500 million will be exempt from super tax if their export proceeds account for more than 80% of their total turnover.
Meanwhile, the super tax rate on income exceeding Rs500 million has been reduced from 10% to 8%.
Officials said the amendments also allow the re-audit of accounts in certain cases, subject to prior approval from the chief commissioner.
The new rules also permit the revaluation of inventory and reassessment of actuarial values when required. Taxpayers will also have the right to object to the appointment of a specific auditor.
Furthermore, the FBR has increased the surcharge imposed on individuals who are not included in the Active Taxpayer List (ATL).
However, taxpayers may obtain an exemption from the surcharge by providing a written undertaking to purchase property within six months.
