“The premier rejected to withdraw Special Economic Zone income tax exemptions, text boards income tax exemption, corporate agriculture enterprise income tax exemption and renewable energy projects tax exemptions,” said the sources. The income tax exemptions to those housing units that will be completed by June 2024 under the PM’s scheme will continue to avail their income tax exemptions. “We want to enhance reliance on direct taxes, therefore, part of Rs380 billion income tax exemptions have been withdrawn. The income tax exemptions have been reduced to have a uniform tax system, said Dr Abdul Hafeez Shaikh. The FBR has estimated the total cost of tax exemptions at Rs1.15 trillion, including Rs378 billion income tax exemptions.

Source: The Express Tribune March 10, 2021 04:30 UTC