Key proposals to withdraw tax exemptions

ISLAMABAD: The government is going to withdraw various exemptions allowed under Income Tax Ordinance, 2001. The exemption may be withdrawn through Income Tax (Second Amendment) Ordinance, 2021, the sources said on March 21, 2021. Following are the highlights of the proposed law: It is proposed to omit power of Federal Board of Revenue (FBR) to […]

by Mrs. Anjum Shahnawaz

Bill to be presented for abolishing tax exemptions

ISLAMABAD: The government will present a bill before the parliament to abolish tax exemptions that are discriminate towards many individuals and sectors of the economy. Minister for Finance and Revenue Dr. Abdul Hafeez Shaikh said this at a press conference on Tuesday. He said many companies and sectors are exempted from the taxes and to […]

by Mrs. Anjum Shahnawaz

All tax exemptions to have sunset clause: MTEF

ISLAMABAD: The ministry of finance on Monday launched Medium-Term Economic Framework (MTEF), which envisaged that all permanent exemptions to be withdrawn or have a sunset clause. The MTEF said that presently tax policy has a predominant revenue focus and as such is likely to create distortions in the economy which can adversely affect the growth […]

by Faisal Shahnawaz