ISLAMABAD: Overseas International Chambers of Commerce and Industries (OICCI) has written a letter to Dr. Mohammad Ashfaq, Chairman, FBR, asking him to issue Income Tax Exemption Certificates for all Provident/Gratuity/Retirement Funds.
In a letter to Chairman FBR, OICCI stated that on behalf of the members of Overseas Investors Chamber of Commerce and Industry (OICCI), they would like to raise the concern of their members with reference to the declaration of Sindh Trust Act (STA). ), 2020, which requires all trusts in Sindh created under the Trusts Act, 1882 or registered under the Registration Act 1908 or any other law.
Earlier, FBR had agreed to issue No Objection Certificate (NOC) to all sanctioned/recognized funds, who have filed their income tax returns for the tax year 2020. Earlier, the Sindh government had linked the registration/re-registration of the Special Fund. Under STA, 2020 with issuance of above NOC. It needs to be noted that as of now no such NOC has been issued by FBR to specific funds, consequently all special trusts created before the implementation of STA, 2020 would face difficulties in obtaining registration, the letter said. facing. ,
It is pertinent to note that in the absence of Certificate of Registration issued under STA, Commissioner(s) is not issuing Income Tax Exemption Certificate for Inland Revenue Provident / Gratuity / Retirement Fund.
OICCI said that in the given circumstances, OICCI members are, on the one hand, following up with the Assistant Director of the district concerned for registration of their trusts under STA and on the other hand, they are facing difficulty. Commissioner(s) obtaining their exemption certificate from Inland Revenue.
In view of the above, OICCI requested Chairman FBR to issue NOC to all recognized/approved funds who have filed Income Tax Returns for the tax year 2020; and the due date of registration under STA, 2020 may be extended up to 30.06.2022 for the purpose of issuance of exemption from Income Tax Certificate withholding to the sanctioned/recognized retirement benefit funds.
OICCI requested immediate intervention to ease the hardships for its members, who represent the hardworking big taxpayers of the country.