Federal Board of Revenue (FBR) has explained the procedure for filing application for availing reduced rate of withholding income tax on import of raw material through online system – Iris.
The taxpayer will e-file a single (Application u/s 159(1) / 148 for reduced rate of withholding tax on Import) for quota allocation for the whole year.
The taxpayer will indicate his overall annual requirement of raw material, including HS Code(s), quantity of raw material consumed during previous year and quantity of raw material required during current year (up to 110 percent of previous year’s consumption) with this application.
The taxpayer will not file other details of Imports, such as LC No., LC date, LC Value, etc. with this application.
The system will provide data of taxpayer’s import of raw material during previous year under the Tab Import History.
The Commissioner IR will allow import of HS Code(s) and quantity(s) at reduced rate of withholding tax by an Order, after due diligence to make sure that the taxpayer is entitled to reduced rate of withholding tax.
The Commissioner IR will not indicate validity period of exemption in body of Order under ‘Content’ Tab, as it is already fixed by the System.
Thereafter, the taxpayer will continue to e-file (Application u/s 159(1) / 148 for reduced rate of withholding tax on Import) (FOR IMPORTS ADDITION) whenever required by him.
The taxpayer will provide details of Imports such as LC No., LC date, LC Value, etc. with such applications.
The System will auto-process such applications on the basis of quota allocation granted by the Commissioner IR without assigning them to the Commissioner IR.
The taxpayer can e-file another application(s) only if he intends to import raw material, not imported during previous year.
The taxpayer cannot repeat the HS Code(s) included in the already filed application in such application(s).
0 comments:
Post a Comment