ISLAMABAD: The Federal Board of Revenue (FBR) on Friday notified rules for re-classification of goods under the 12th schedule of the Income Tax Ordinance to allow imports at lower rates.

The board also suggested the constitution of a committee to be led by member Inland Revenue Policy FBR, to recommend goods for consideration as raw materials or capital.

The other members of the committee, notified under the SRO615 of the income tax issued on Friday, include members Inland Revenue Operation, Member Customs Operation, National Tariff Commission chairman and Engineering Development Board chairman.

The FBR also proposed setting up another committee under member IR operation to allow import of raw materials on the application of taxpayers. The committee will look into requests for raw material and determine the quantity of raw materials after considering all documents.

It said that income tax commissioners will have access to stock and premises of the persons availing the facility of raw materials at lower rates. The commissioner can also conduct an audit of consumption and production.

Published in Dawn, July 11th, 2020