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Plea to review ITSC abolition

RECORDER REPORT

KARACHI: The Karachi Income Tax Bar Association (ITBA) has demanded of the Federal Finance Minister, Shaukat Aziz, to review the decision to abolish Income Tax Settlement Commission (ITSC).

ITBA, President Abdul Wahid Tejani said on Monday that a letter had been sent to the Finance Minister to review the decision, if it has been finalized, to wind up the ITSC.

He said the Commission was set up in compliance with Income Tax Ordinance, 1979, and was providing a forum, in addition to appellate authorities.

The ITBA, which is the largest tax bar association of the country, comprises lawyers, chartered accountants, management accountants and IT practitioners, Tejani said, "is of the considered opinion that the ITSC is playing its due role in settling the disputed tax matters and is of great help to the department as well as to tax payers."

He said experience during the last five years had shown that this authority had provided an additional forum to appellate authorities for early resolution of disputed tax issues.