ISLAMABAD: Federal Board of Revenue (FBR) has directed all field formation not to take any action till formulation of rules Finance Act, 2021.
A notification issued in this regard stated that Federal Board of Revenue has already formed a committee to examine the legal changes vide sub-clause 28 (a)(i) and 28 (a)(ii) of Clause 3 of the Finance Act, 2021 and formulate rules thereafter.
The rules are being notified in due course of time and till such time, all concerned are, therefore informed that no action shall be taken in this matter till rules are framed.
The trade bodies are assured that the subject provisions will be applicable only after notification of rules by FBR.
Meanwhile, the earlier practice may be continued by the customs field formations.
