ISLAMABAD (July 13 2010): Ministry of Finance will give a new date for the meeting of Federal Board of Revenue (FBR) with the Karachi Port Trust (KPT) to discuss the issue of Rs 8.2 billion recovery from the KPT by the income tax department. Sources told Business Recorder here on Monday that the FBR team headed by FBR Chairman Sohail Ahmed visited the Ministry of Finance to participate in the meeting on the issue to avoid litigation in courts between the two government departments.
However, meeting could not take place due to heavy engagements of the officials of Finance Ministry. It is expected that the Ministry of Finance will give a new date to the FBR and the KPT for resolution of the issue without going into prolonged litigation.
The Appellate Tribunal Inland Revenue (ATIR) had validated the recovery of Rs 8.2 billion by the tax department from the KPT. The ATIR Karachi in its order admitted the stance of the FBR and held that the KPT is not exempted from the payment of income tax. The first level of Commissioner Appeal has also given decision in favour of the FBR.
-www.brecorder.com
However, meeting could not take place due to heavy engagements of the officials of Finance Ministry. It is expected that the Ministry of Finance will give a new date to the FBR and the KPT for resolution of the issue without going into prolonged litigation.
The Appellate Tribunal Inland Revenue (ATIR) had validated the recovery of Rs 8.2 billion by the tax department from the KPT. The ATIR Karachi in its order admitted the stance of the FBR and held that the KPT is not exempted from the payment of income tax. The first level of Commissioner Appeal has also given decision in favour of the FBR.
-www.brecorder.com
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