Friday, 19 August 2022
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Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021

Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below:

Tax credit for person employing fresh graduates.

First year depreciation allowance on specified assets @ 90% of cost of assets.

Tax credit for enlistment on registered stock exchange.

Certain tax credits for newly established industrial undertaking – refer section 65D & 65E of Income Tax Ordinance 2001.

Exemption available on profit & gains derived from the refining and concentrating business (subject to certain conditions) to an undertaking in business of exploration and extraction of mineral deposits.

Certain concessions available to Oil & Gas exploration companies’ including deduction of 100% depreciation expense in case of below ground installations.

Profit on debt payable to a non-resident in respect of loans.

Distribution from specific collectives investment schemes registered by regulatory authority under the non-banking finance companies and notified entities regulation 2007.

Profit and gains from an industrial undertaking setup between a time line, duly certified by Pakistan Telecommunication Authority, engaged in the manufacturing of cellular mobile phones.

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Tax Exemptions Withdrawn | Tax Credits | Finance Act 2021 | Budget | FBR | Federal Board of Revenue |

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