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FBR Press Release

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The Federal Board of Revenue has issued circular No.8 of 2008 dated 8/8/2008. Amendments have been made in the Investment Tax Scheme, 2008 announced through circular No 3 of 2008 dated 01/07/2008.

The scheme shall not apply to the cases where proceedings are pending before the department, appellate authority or any Court. Moreover, the benefits of the Scheme shall accrue to the taxpayer in terms of its Para 2 (b) for any tax year or years ending on or before 30th June, 2007.

Para 2(b) has been amended as under.

"Unexplained income/assets" means any asset for which the taxpayer has no explanation regarding nature and source and was chargeable to tax but could not be so charged under Income Tax Ordinance, 2001, for any tax year or years ended on or before 30th day of June, 2007 "

It has further been clarified that the term 'cash' as mentioned in Para A of part - I of the Annexure to the said Scheme shall include cash in foreign currency. However, for the purpose of calculation of 2 % tax payable thereon, the amount shall be converted into Pak rupee at the foreign exchange rate prevalent as on 30.6.08.
Muhammad Irshad
Chief (FATE) FBR.
Aug 08, 2008
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