Tax facility withdrawn
ISLAMABAD: The Central Board of Revenue (CBR) has withdrawn the special tax year facility for the companies carrying business of oil milling with immediate effect.
In this regards the CBR has issued a notification Saturday to give effect the decision from July 1, 2005. The companies carrying on business of oil milling were given the facility to start their financial year from September 1 and end the fiscal on August 31 in the past on the request of the taxpaying companies.
According to the issued notification the said oil milling companies will have to adopt the normal tax year starting from July 1 and ending on June 30.