FBR Submits Tax Exemptions Withdrawal Bill in NA Secretariat
In an effort to comply with a previous requirement for the revival of the $6 billion International Monetary Fund (IMF) programme, the Federal Board of Revenue (FBR) submitted a bill to the secretariat of the National Assembly (NA) on Saturday. The bill proposes a number of amendments to withdraw approximately 36 tax exemptions starting on July 1.
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The law, which will be known as the income tax (second amendment) bill 2021, will reportedly be introduced during the next lower house session, whenever it is scheduled.
Additionally, the measure aims to simplify the tax laws for charitable organisations, companies listed on the stock market, exemptions for oil refineries, and special economic zones (SEZs) created as part of the China-Pakistan Economic Corridor (CPEC) (IPPs).
The FBR’s recent proposal to eliminate the income tax exemption on the export of IT services and replace it with a tax credit programme that is subject to a number of requirements, including the filing of tax withholding statements and sales tax returns, has been criticised by the information technology industry.
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