FBR has extended the deadline for voluntary incorporation of eligible iron and steel manufacturers from 31 July to 10 August 2026. The facility is intended for businesses currently operating as individuals or Associations of Persons that wish to convert into companies limited by shares.
Under the prescribed procedure, the National Tax Number and Sales Tax Registration Number of the newly incorporated company may be linked with the old registration. This allows continuity in filing declarations, adjusting input tax, calculating output tax, utilising carried-forward amounts and dealing with stocks during the transition period.
The conversion must comply with Sections 95 or 96 of the Income Tax Ordinance, 2001, as applicable. The old and new entities will remain jointly responsible for record retention and earlier tax liabilities. The transitional linking facility will continue only until 31 December 2026, after which transactions must be carried out exclusively through the new company’s registration.