MoITT Concerned After FBR Abolishes Tax Exemption Regime
The Federal Board of Revenue (FBR) has received serious concerns from the Ministry of Information Technology and Telecommunication (MoITT) regarding plans to abolish the tax exemption regime and replace it with a tax credit regime for ITeS, warning that this could lead to a capital flight and brain drain from the nation.
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Asim Ahmad, the chairman of the Federal Board of Revenue (FBR), promised the IT industry greatest convenience following the change from the tax exemption to the tax credit system on July 1, 2021.
During the meeting of the Secretary (IT) Ministry of IT & Telecom and other senior officials with the tax authorities at the FBR House, the FBR Chairman provided this guarantee.
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Finance Bill (2021), which would go into effect on July 1, 2021, would amend the pertinent federal tax laws to grant the IT sector the status of an industry and reduce the federal excise tax from 17% to 16%, the advance income tax on mobile phone users from 12.5% to 10%, and the services tax on telecommunications companies from 8% to 3%.
Concerns of the IT/ITES Sector would be addressed, according to Chairman FBR. To assist the IT/ITES and freelance sectors in tax concerns, FBR and MOIT decided to hold joint workshops.
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