{"id":1011,"date":"2023-03-02T07:38:53","date_gmt":"2023-03-02T07:38:53","guid":{"rendered":"https:\/\/www.befiler.com\/wordpress\/?p=1011"},"modified":"2023-03-03T06:36:42","modified_gmt":"2023-03-03T06:36:42","slug":"fbr-introduces-requirements-for-companies-aops-to-furnish-ownership-data","status":"publish","type":"post","link":"https:\/\/www.befiler.com\/wordpress\/fbr-introduces-requirements-for-companies-aops-to-furnish-ownership-data\/","title":{"rendered":"FBR introduces requirements for Companies \/ AOPs to furnish Ownership Data"},"content":{"rendered":"\n

The Federal Board of Revenue has introduced new amendments to the Income Tax Rules, 2002<\/a> via a draft proposal on Feb 28, 2023. <\/p>\n\n\n\n

The new rules will be specifically related to the record-keeping of beneficial owners.<\/p>\n\n\n\n

Beneficial ownership refers to the individuals who ultimately have control over a company or an Association of Persons (AOP) or who benefit from its activities. <\/p>\n\n\n\n

The new rules will make it compulsory for all companies and AOPs in Pakistan to provide information about their beneficial owners to the Federal Board of Revenue.<\/p>\n\n\n\n

Following are the key points:<\/h2>\n\n\n\n
  1. Every existing or newly registered company and AOP must electronically furnish the particulars of its beneficial owners to the Federal Board of Revenue through the Board’s online system.<\/li>
  2. The record of beneficial owners must be updated whenever there is a change in any of the particulars of the beneficial owner within 30 days from the date when the change occurs.<\/li>
  3. If there is no change in the beneficial owners of a company or AOP throughout a particular tax year, the company or AOP must furnish a “Certificate of Confirmation for Beneficial Owner” to this effect through the FBR’s online system along with the Income Tax return to be filed for that tax year.<\/li>
  4. In the case of a non-profit organization, the settlor, trustee, founder, promoter, beneficiary, class of beneficiary, as the case may be, will be the beneficial owners of the non-profit organization. However, where the beneficiary or class of beneficiary of the non-profit organization is the general public, the beneficiary or class of beneficiary of such non-profit organizations will be exempted from the requirement of providing information about beneficial owners under this rule.<\/li><\/ol>\n\n\n\n

    In addition, the new rules introduce certain definitions related to beneficial ownership. For instance, the “Chain of ownership” refers to all legal entities and arrangements through which the ownership rights of a company or AOP are ultimately held by a natural person, while “ultimate effective control” refers to a situation in which ownership or control is ultimately exercised through direct and\/or indirect means.<\/p>\n\n\n\n

    These new rules are aimed at increasing transparency and reducing the possibility of tax evasion, and are also in line with international best practices and standards regarding beneficial ownership transparency.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Federal Board of Revenue has introduced new amendments to the Income Tax Rules, 2002 via a draft proposal on Feb 28, 2023. The new rules will be specifically related to the record-keeping of beneficial owners. Beneficial ownership refers to the individuals who ultimately have control over a company or an Association of Persons (AOP) […]<\/p>\n","protected":false},"author":1,"featured_media":1015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistans-tax-affairs"],"_links":{"self":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/1011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/comments?post=1011"}],"version-history":[{"count":0,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/posts\/1011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media\/1015"}],"wp:attachment":[{"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/media?parent=1011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/categories?post=1011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.befiler.com\/wordpress\/wp-json\/wp\/v2\/tags?post=1011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}