KARACHI: The Finance Bill 2014 has proposed to withdraw the requirement for return filing of the non-resident persons who are registered members of the trade bodies, business associations, Pakistan engineering councils and so on.
At present, the Finance Act 2013 made filing of return of income obligatory for person registered with chamber of commerce and industry; any trade; business association; market committee; any professional body including Pakistan Engineering Council, Pakistan Medical and Dental Council, Pakistan bar Council or any provincial bar council, Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants of Pakistan (ICMAP). By virtue of this amendment, the members of the registered organizations, whether resident or non-resident, became liable to file tax returns in Pakistan.
In this regard, ICAP and other organizations made representations for exclusion of non-resident members from the return filing requirements.
Non-resident members of trade bodies/business associations withdrawn from return filing
