KARACHI: The Finance Bill 2019 has proposed discretionary power for the Commissioner Inland Revenue to examine and amend the reported income of insurance companies for the purpose of computing the tax. [the_ad id=”31605″]Under the existing provisions, income of general insurance companies is computed on the basis of financial statements with certain limited adjustments.
It is now proposed to allow the Commissioner to examine and amend the amount of income as disclosed in the financial statement presented to the Securities and Exchange Commission of Pakistan with respect to ‘commission paid’ and ‘claims for losses’.