FBR will examine transaction records of commercial importers as they are no more under Final Tax Regime (FTR), (CCIR) (RTO-II) Karachi
Mr. Badaruddin Ahmed Qureshi, Chief Commissioner Inland Revenue (CCIR), Regional Tax Office (RTO)-II Karachi, while addressing a seminar on ‘Minimum Tax Implications After the Finance Act, 2019’ organized by Karachi Tax Bar Association (KTBA) on Thursday, said that minimum tax was introduced through Finance Act, 2019 with objectives of documentation of economy and realizing actual potential of tax revenue. He said that previously commercial importers were liable to discharge their liability under the FTR and further they were not required to provide any record. However, with the introduction of minimum tax the commercial importers will be required to provide details of all their goods declaration filed for clearance of their consignments. Previously, FTR was available to persons such as commercial importers, commercial suppliers of goods, contractors, persons deriving brokerage or commission income and persons earning income from CNG stations. The tax collected or deducted from thes...