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June 12, 2021

Manufacturers directed to get their brands registered

ISLAMABAD: The FBR has made it mandatory for brands to get them registered with the tax collection machinery.

The FBR has taken this step keeping in view for launching Track and Trace System so all brands that are not be registered, will be treated as illegal.

The government has made it mandatory for the manufacturers of cigarettes to obtain brand licence for each brand or stock keeping unit (SKU) in such manner as may be prescribed by the Board.

According to the Finance Bill 2021, the manufacturers of the specified goods shall be required to obtain brand licence for each brand or stock keeping unit (SKU) in such manner as may be prescribed by the Board.

Through the Finance Bill 2021, the telecommunications companies operating under licence from Pakistan Telecommunication Authority will now be treated as an ‘Industrial Undertaking’. The benefits and privileges under the Income Tax Ordinance will be extended to all telecom companies.

A tax expert explained that under the Finance Bill 2021, the definition of ‘amalgamation as given in Section 2 (1B) of the Ordinance was referring to the Companies Ordinance, 1984, whereas the law relating to companies was replaced with Companies Act, 2017; therefore, the expression has now been amended to read as ‘Companies Act, 2017 with regards to amalgamation an also where ever the expression so appears in the Ordinance.

A new definition Clause 10A is being introduced to define ‘business bank account’. This bank account will have to be made part of the tax profile by amending the same. All business transactions ordinarily will be expected to be routed through this account.