ISLAMABAD: The Federal Board of Revenue (FBR) has directed all companies and association of persons (AOPs) to retain the records of all beneficial owners for a period of ten years.
The FBR amended Income Tax Rules, 2002 on Monday to introduce a new “Chapter i.e. Record of Beneficial Owners. Under the new rules, the Board shall retain the records of beneficial owners of all companies and association of persons (AOPs) registered with the Board for a period of ten years from the date when that company or AOP ceases to be registered with FBR.
Under the new rules, every company and association of persons (AOP), on its initial registration with FBR, shall electronically furnish the particulars of its beneficial owners to the Board as prescribed Form through the Board’s online system.
