KARACHI: The management of Bahria Icon Tower has moved the Sindh High Court (SHC) against the objections leveled by the Input-Output Co-efficient Organization (IOCO) of the Federal Board of Revenue (FBR).
FBR sources informed Customs Today that the Input-Output Co-efficient Organization (IOCO) has placed violation charges against the management of Bahria Icon Tower in order to take erroneous advantage of the concessionary/exemption regime pertaining to tourism.
When contacted, one of the senior officers in IOCO-FBR told this scribe that the IOCO-FBR as per the concessionary/exemption rules was bound to provide exemption of duty/taxes on exports, pharmaceuticals and tourism, however; the concessionary/exemption regime in connection with tourism was only applicable on the hotels having the status of at least three-star hotels.
He further confirmed this scribe that the letter has been sent to the management of Bahria Icon Tower by the Federal Board of Revenue (FBR) for violation of the concessionary/exemption regime.
