ISLAMABAD (December 24, 2014) – The Federal Board of Revenue (FBR) has established a transfer pricing unit to facilitate and strengthen the ability of the tax officials to effectively deal with the transfer pricing related issues.
As per the notification issued by FBR on Monday, 22nd December; a transfer pricing unit has been set up at FBR the purpose of which will be to work towards strengthening the transfer pricing regime by providing technical backstopping to field offices and building their capacity, developing a resource base including database of comparables, proposing improvements/amendments in law and policy and establishing a regime where transfer pricing adjustments are given due importance during proceedings.
The Transfer pricing Unit will comprise of the following individuals: Malik Amjed Zubair Tiwana, Chief (ITP-II), Head of the Unit; Muhammad Khalid Jamil, Secretary; Dr Tariq Masood, Chief (ITP-I), FBR (HQ); Girdhari Mal, Addl CIR, LTU, Karachi; Zia Agro, Addl CIR, LTU, Karachi; Abdul Jawwad, Addl CIR, LTU, Lahore and Muhallad Ali, DCIR, LTU, Islamabad.
The unit will be headed by Malik Amjed Zubair Tiwana, Chief (Income Tax Policy-II), a seasoned tax official engaged in the tax policy of Pakistan. Transfer pricing unit will be supervised by Dr Muhammad Iqbal, Special Assistant to Chairman, FBR. Both Malik Amjed Zubair Tiwana and Dr Muhammad Iqbal are top income tax officials having highly professional background with experience of policy, global taxation, drafting of tax laws and enforcement.