KARACHI: The Federal Board of Revenue (FBR) has issued procedure for rectification in cash payment receipts (CPRs) related to amnesty for undisclosed foreign and domestic assets.
Under the new procedure, taxpayers have been allowed to submit a fresh declaration under Foreign Assets Declaration (Declaration and Repatriation) Act, 2018. In the act, a person availing the amnesty is required to pay in US dollars. In case the person makes payment in rupees, and on the basis of such CPR submits declaration, then the declaration is invalid.
The FBR also allowed refund of excess amount against normal tax liability under the amnesty for undisclosed foreign assets. The FBR said the foreign assets scheme does not provide any provision for refund of amount erroneously deposited.
Such amount deposited in rupees may be adjusted against normal tax liability after correction of CPR, it added. In case, the said paid amount exceeds the normal tax liability for the relevant tax year, refund may be claimed after filing of return for the relevant tax year in accordance with the provisions of the Income Tax Ordinance, 2001.
The FBR delegated powers to Large Tax Units (LTUs) and Regional Tax Offices (RTOs) to correct CPRs under the Voluntary Declaration of Domestic Assets Act, 2018 in case the taxpayer mistakenly selected ‘wrong payment nature’ or ‘wrong payment code’.
The revenue body said where taxpayers jurisdictions were not clear, the cases should be sent to the IT wing for removal of difficulties.
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