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wheat exemption

FBR exempts withholding tax on wheat import

ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday issued notification to exempt withholding income tax on import of 300,000 metric tons of wheat.

The FBR issued SRO 99(I)/2021 to comply with the government decision to allow import of wheat without payment of withholding income tax.

The FBR said that the provisions of section 148 of Income Tax Ordinance, 2001, in pursuance of the Cabinet Decision in case No. 34/02/2021 dated January 12, 2021, not apply on import of three hundred thousand metric tons of wheat through tendering process by the Trading Corporation of Pakistan (TCP).