Thursday, 18 August 2022
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PTI decided to abolish Income Tax Exemptions through Presidential Ordinance

The federal government of Pakistan Tehreek-e-Insaf (PTI) has decided to abolish income tax exemption of Rs 140 billion on the condition of International Monetary Fund (IMF).

According to the details, the government has decided to abolish 140 billion income tax exemption. These end of exemptions are on the condition of the International Monetary Fund (IMF). For which a presidential ordinance has also been approved. The federal cabinet has approved the ordinance through summary circulation.

According to sources, the procedure for bringing the Presidential Ordinance has been completed. Govt bringing presidential ordinance because the bill not passed by the Parliament due to lack of time.

Under the above mentioned Ordinance, called Tax Laws (Second Amendment) Ordinance, 2021. Where some 76 corporate income tax exemptions will be withdrawn.

The Tax Laws (Second Amendment) Ordinance, 2021 will amend Sales Tax Act 1990 and Income Tax Ordinance 2001. After, signing by the President of Pakistan, the Ordinance will come into effect immediately. Once the Ordinance is being tabled before the National Assembly, an amendment would be introduced to change the date for withdrawal of income tax exemptions from July 1, 2021, officials said.

Through the Tax Laws (Second Amendment) Ordinance, 2021, the corporate income tax exemptions would be withdrawn. Those tax exemptions will replace with the tax credit regime. Now, tax credit facility extended to industrial undertakings; charitable organizations and IT export services under the Ordinance.

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