Thursday, 1 December 2022
Trending
TAXATION

List of exemptions from total income withdrawn through Second Amendment Ordinance

Federal Board of Revenue (FBR) through Tax Laws (Second Amendment) Ordinance, 2021 have withdrawn tax exemptions from total income. Which were available through various clauses of Second Schedule of Income Tax Ordinance, 2001.

Following are the clauses that have been deleted through Tax Laws (Second Amendment) Ordinance, 2021:

Clause( 57(1)(iii)): Any income from voluntary contributions, house property and investment in securities of the Federal Government derived by Shiekh Sultan Trust, Karachi

Clause (72A): Any income derived by Sukuk holder in relation to Sukuk issued by the Second Pakistan International Sukuk Company Limited and the Third Pakistan International Sukuk Company Limited, including any gain on disposal of such sukuk.

74 Clause : Any Profit on debt derived by Hub Power Company Limited on or after July 1, 1991 on its bank deposits or accounts with financial institutions directly connected with financial transactions relating to the project operations.

Clause (90A) Any profit on debt derived by any person on bonds issued by Pakistan Mortgage Refinance Company to refinance the residential housing mortgage market, for a period of five years with effect from July 1, 2018.

Clause (104) Any income derived by the Libyan Arab Foreign Investment Company being dividend of the Pak-Libya Holding Company.

ALSO READ | PTI decided to abolish Income Tax Exemptions through Presidential Ordinance

Clause (105) Any income derived by the Government of Kingdom of Saudi Arabia being dividend of the Saudi-Pak Industrial and Agricultural Investment Company Limited

Clause( 105A) Any income derived by Kuwait Foreign Trading Contracting and Investment Company or Kuwait Investment Authority being dividend of the Pak-Kuwait Investment Company in Pakistan from the year of incorporation of Pak-Kuwait Investment Company

Clause (110C) Any gain by a person on transfer of a capital asset, being a bond issued by Pakistan Mortgage Refinance Company to refinance the residential housing mortgage market, during the period from July 1, 2018 till June 30, 2023.

Clause (126B) Profit and gains derived by Khalifa Coastal Refinery for a period of twenty years beginning in the month in which the refinery is setup or commercial production is commenced, whichever is the later.

Clause (126G) Profit and gains derived for a period of five years from the date of start of commercial production by the following companies from specified projects that have been declared ‘Pioneer Industry’ by Economic Coordination Committee of the Cabinet. The Companies and projects are:

a) M/s. Astro Plastics (Pvt.) Ltd. from their Biaxially Oriented Polyethylene, Terephthalate Project; and

b) M/s. Novatex Ltd. from their Biaxially Oriented Polyethylene Terephtalate Project

Clause (132A) Profit and gains derived by Bosicor Oil Pakistan Limited for a period of 7-1/2 years. Beginning from the day on which the refinery is set up or commercial production is commenced whichever is later.

Additional-Taxes-Budget-2021-2022-IMF

Additional Taxes of 700 billion expected In Upcoming Budget under IMF Deal

Under the International Monetary Fund (IMF) agreement, Pakistan will raise additional revenue of 1.4% of its economy size or more than Rs. 700 billion to achieve its tax collection target in the next financial year.…

Clause (135A) Any income derived by a non-resident from investment in OGDCL exchangeable bonds issued by the Federal Government.

Clause (148) Any income derived by Islamic Naya Pakistan Certificates Company Limited (INPCCL). INPCCL have also been made part of Table I of Clause (66). Which means there is no change in exemption status.

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants
A d v e r t i s e m e n t

Income Tax Ordinance 2001 | Second Amendment Ordinance 2001 | FBR | Federal Board of Revenue | Income Tax Exemptions | Exemptions Withdrawn |

Related posts
TAXATION

What is the New Tax Deadline for 2022 Pakistan

Table of Contents What is the New Tax Deadline for 2022 PakistanWhich Persons are Required to File…
Read more
TAXATION

Will FBR Extend the Last Date to file Income Tax Returns

Table of Contents Will FBR Extend the Last Date to file Income Tax Returns?FBR extended date of tax…
Read more
TAXATION

What RTO Lahore achieved in Tax Returns and Revenue

Table of Contents What RTO Lahore achieved in Tax Returns and Revenue What RTO Lahore achieved in…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.