ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday categorically denied the insinuation made in the story published in the Business Recorder on February 8, 2022 with the title “Yet another ‘Finance Bill’ on its way?”.
The FBR has clarified that the review of the tax laws is an ongoing exercise which FBR undertakes in routine, said a press release issued here.
FBR is currently grappled with harmonization of the existing tax laws into IR-Code which would be a major milestone as it would not only add to administrative convenience in the enforcement of tax laws but also contribute to ease of doing business.
It is also added that 7th Review Mission under the IMF Program is scheduled in March, 2022.
Any changes that might be required as a result of the ongoing exercise could very conveniently be given effect at the budget time through the Finance Act, 2022.