The Federal Board of Revenue (FBR) has issued electronic return for companies for Tax Year 2018. In this regard, the FBR has issued SRO No. 357(I)/2018 to amend Income Tax Rules 2002 here on Saturday. According to the FBR, the companies would mention the total values of revenue transactions with non-resident associates exceeding Rs 50 million under the new return form.

The return form also included information relating to the foreign property income, foreign business income and foreign other source income. The return form also included information on adjustable tax, tax credits, net revenue, and inadmissible deductions ad special tax rates.

Copyright Business Recorder, 2018