Withdrawals of Tax Exemptions and Tax Credits in Finance Act 2021

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Important tax exemptions and tax credits withdrawn in Finance Act 2021 are given below: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