S.R.O. 1191(I)/2017, Islamabad, the 16th November, 2017

Amendments in the Income Tax Rules, 2002 GOVERNMENT OF PAKISTAN REVENUE DIVISION FEDERAL BOARD OF REVENUE ***** Islamabad, the 16th November, 2017. NOTIFICATION (Income Tax) S.R.O. 1191(I)/2017.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O 421(I)/2017, dated the 5th June, 2017, as required by sub-section (3) of the said section, namely:- In the aforesaid Rules,- (1) after Chapter VI, the following new Chapter shall be inserted, namely:- "CHAPTER - VIA DOCUMENTATION AND COUNTRY-BY-COUNTRY REPORTING REQUIREMENTS PART-I PRELIMINARY 27A. Application of this chapter:- (1) This chapter shall apply for the purposes of sub-sections (3) to (5) of section 108. (2) The purpose of this Chapter is to prescribe documents, information, files and reports which certain taxpayers are required to keep, maintain and furnish to the Commissioner under sub-sections (3) to (5) of section 108. (3) Nothing in this Chapter shall preclude a taxpayer accounting for income chargeable under the Ordinance, from- (a) maintaining any books of account, documents or records in addition to those prescribed in these rules; or (b) maintaining the books of account, documents or records in the manner prescribed keeping in view the head of the income of the taxpayer and, wherever applicable, the nature of the taxpayer's business. (4) Definitions.- In this Chapter,"” (a) "consolidated financial statements" mean the financial statements of an MNE group in which the assets, liabilities, income, expenses and cash flows of the ultimate parent entity and the constituent entities are presented as those of a single economic entity; (b) "competent authority agreement" means an agreement,"” (i) that is between authorised representatives of those foreign jurisdictions that are parties to an international agreement with Pakistan; and (ii) that provides legal authority for the automatic exchange of country-by-country reports between the…