The income tax relief for a few sectors has been proposed under the Third Tax Laws Amendment Ordinance 2021, which is at the approval stage, sources told The Express Tribune. The Federal Board of Revenue (FBR) has proposed that the total income of Pakistan Mortgage Refinance Company Limited (PMRC) should be exempted from income tax, said the sources. PMRC was among the entities whose income tax exemption had been withdrawn to raise Rs140 billion in taxes under the IMF programme. The massive relief will be for those businesspersons who would file annual income tax returns. It has also proposed an amendment to Section 53 of the Income Tax Ordinance that deals with the powers to grant income tax relief.

Source: The Express Tribune September 12, 2021 02:58 UTC