FBR forms committees to rectify errors in Finance Bill 2024

The Federal Board of Revenue (FBR) has constituted two Anomalies Committees to rectify the errors created by the FBR in the Finance Bill 2024 and remove anomalies in the proposed tax laws for 2024-25.

FBR issued notices here on Saturday.

As per the FBR notification, the Chairman, Federal Board of Revenue/Secretary, Revenue Division has constituted an Anomalies Committee to identify and remove business-related anomalies in the Finance Bill 2024. The Committee will be composed of the following members:

Anomalies Committee – Business: Chairman Atif Ikram Sheikh, President, FPCCI; Gohar ijaz, patron of Pakistan Textile Mills Association.

Co-Chairman Ashhad Jawwad, Member (Customs Policy), FBR; Amna Faiz Bhatty, Member (IR -Politics), FBR.

The committee members are Kashif Anwar, President, LCCI, Lahore; Iftikhar Ahmad Sheikh, President, KCCI, Karachi; Muhammad Fuad Ishaq, President of Sarhad Chamber, Peshawar; Haji Abdullah Achakzai, Speaker, Quetta House; Ahsan Zafar, Speaker, Islamabad House; Dr. Khurram Tariq, President of the Faisalabad House; Khurram Mukhtar, skipper, PTEA, Faisalabad; Shabbir Dewan, Chairman, Pakistan Business Council, and Kh. Shahzeb Akram, former Senior Vice President of FPCCI

The terms of reference (TOR) of the committee are to review the business-related anomalies identified in the Finance Bill, 2024 and give recommendations to FBR to remove the anomalies.

The committee may co-opt members by consensus if necessary. Anomalies may be submitted before the close of business on June 20, 2024 to the Co-Chair of the Anomalies Committee; at their offices in Room No.316 (Customs) and Room No.355 (IR), 3’d Floor, FBR House, Islamabad.

As per the second notification, the Chairman of the Federal Board of Revenue/Secretary of the Revenue Division has constituted the Anomalies Committee for the purpose of identifying and removing the technical anomalies in the Finance Bill 2024.

Anomalies-Technical Committee will be made up of the following members:

Chairman Adnan Rizvi, Managing Partner of KPMG.

Co-Chairman Ashhad Jawwad, Member (Customs Policy), FBR and Amna Faiz Bhatty, Member (IR Policy), FBR.

The committee members are Asif Haroon, AF Ferguson & Co. Karachi; Anwar Kashif Mumtaz, President of the Tax Bar Association of Pakistan; Faraz Anwar, AF Ferguson & Co; Syed Hamid Ali Shah, Addl. Secretary of the Commerce Division; Shahzad Ahmed Malik, President of ICMAP; Habib Fakhruddin, CA, Rawalpindi; Abdul Qadir Memon, former chief patron and president of APTBA; Kamal Hassan Siddiqui, Balochistan Tax Bar Association, Quetta and Saifullah, Partner, Rafaqat Babar & Co., Peshawar.

The terms of reference (TOR) of the committee are to review the technical anomalies identified in the Finance Bill, 2024 and give recommendations to FBR for removal of the anomalies. 2. The Committee may co-opt member(s) with consensus if necessary. Anomalies may be submitted before the close of business on June 20, 2024 to the Co-Chair of the Anomalies Committee; in her offices in Room No.316 (Customs) and Room No.355 (IR), Floor 3′”, FBR House, Islamabad, FBR added.