FBR issues Tax reforms ordinance

An ordinance for the establishment of Inland Revenue Service in Federal Board of Revenue (FBR) has been issued for the approval of the president, reported Dunya News on Friday.The ordinance has linked laws of sales tax, income tax and federal excise duty. According to officials, a new tax service system will be established in FBR after implementation of the ordinance and it will also resolve the problems occurred due to dual tax system. The ordinance has amended Sales Tax Act 1990, Income Tax Ordinance 2001 and Federal Excise Act 2005.