ISLAMABAD: Government has abolished the authority of Federal Board of Revenue (FBR) pertaining to getting details of dubious transactions, currency transactions repot and details of individuals who write-off the loans taken from banks it is learnt here.
Official sources told Customs Today that FBR will now only has the power to get the details and information regarding interest on loan taken from banks, details of individuals who withdraw more than Rs1 million within a month and the board will have the authority to get details of withholding tax statements sources confirmed.
Sources also told that government in this regard has prepared the draft of amendments in the Income Tax rules 2002 while government also asked suggestions and recommendations from all the stakeholders within seven days.
Meanwhile after receiving suggestions and recommendations from all the stakeholders the government with the gazette notification implements the amendments in the Income Tax Rules 2002 sources added.
It is important to mention here that incumbent government has already taken approval from the parliament through supplementary Finance Act 2018 regarding limiting the authority or power of FBR. While amendments in the Income Tax Rules 2002 are the part of this limiting the power of FBR sources added.
