Islamabad: The Federal Board of Revenue (FBR) has officially introduced an online Form 19H (Application for Certificate), enabling taxpayers to digitally submit information required under Section 101(7) of the Income Tax Ordinance, 2001 for transactions involving disposal or acquisition of assets.
The move is aimed at improving transparency, streamlining documentation, and strengthening compliance for both resident and non-resident taxpayers engaged in asset-related transactions.
What Information Is Required in Online Form 19H?
The newly launched Form 19H is divided into three key sections:
Part I – Taxpayer Information
Applicants must provide basic taxpayer details, including:
- Name and address of the taxpayer
- National Tax Number (NTN)
- Description of the transaction or asset disposed of
Taxpayers are also required to upload the following supporting documents:
- Latest balance sheet and financial statements of both buyer and seller
- Copy of the transaction agreement
- Summary of all written or verbal agreements and understandings related to the deal
Part II – Seller Details
The seller must disclose:
- Full name and particulars
- Residential status (resident or non-resident)
- Address and country of residence
- Nature of the asset disposed of
- Confirmation whether the asset was sold at fair market value
- Total gross consideration received, including any non-cash benefits or waiver of liabilities
Part III – Buyer Information
Buyers are required to furnish:
- Full name and particulars
- Residential status
- Address and country of residence
- Nature of asset acquired
- Confirmation of fair market valuation
- Total gross consideration paid
Additionally, applicants must state whether an independent valuation of the asset was conducted. If yes, a copy of the valuation report must be attached. If not, the basis of valuation must be explained. The form also requires disclosure of the country or place where the transaction was completed.
Strengthening Tax Compliance
Tax experts believe the digitization of Form 19H will help FBR track high-value asset transactions more effectively while ensuring proper tax treatment under cross-border and domestic asset disposals.
The initiative is part of FBR’s broader efforts to modernize tax administration and enhance oversight of capital transactions.
