FBR to issue explanatory circular on sales tax, income tax, FED in July

ISLAMABAD: The Federal Board of Revenue (FBR) will issue an explanatory circular of Sales Tax, Income Tax and then Federal Excise Duty (FED) in July 2023. A

It has been decided to provide a detailed explanation of every provision of all the three circulars of Finance Act to taxpayers.

Member Inland Revenue Operations of Income Tax, Zubair Tiwana, in an interview, said that the decision to implement Section 99-D on windfall profits will be taken by the cabinet. The explanatory circular will be issued in the month of July after consultation with Member Inland Revenue Operations, Income Tax, Zubair Tiwana, and Federal Board Chairman (FBR) Asim Ahmad.

An explanatory circular of federal excise duty will also be issued. Implementation on Finance Act 2023 will be started from 1st July, while Article 99-D in Finance Act will deal with windfall profits and gain.