Private Binding Rulings – January 2022
By Atnesh Prasad, Director Taxation
FRCS now allows taxpayers to request a PBR. The PBR needs to be requested in a specific format with clear and concise information. The CEO of FRCS will review the information provided in respect of the taxpayer and the relevant circumstances.
The CEO will interpret and apply the taxation laws based on the facts and information provided and specifically addressed to the taxpayer’s circumstances. The ruling will be binding on FRCS providing no erroneous or misleading information has been provided. The aim of PBRs is to provide taxpayers with certainty on the taxation implications of a particular transaction or set of circumstances.
This new process commenced from 24th January 2022 and application fees to FRCS will apply.
For assistance with PRIVATE BINDING RULINGS please contact Mr Atnesh Prasad, our Director Tax on [email protected]