For the revival of the stalled bailout programme, the IMF had placed prior conditions of increasing electricity tariffs, introduction of new bills and withdrawing income tax exemptions. The FBR has estimated the total cost of tax exemptions at Rs1.15 trillion, including Rs378 billion income tax exemptions. Major exemptionsIn a major decision, the government has decided that the income tax exemptions available to the IPPs would be withdrawn in the future. It was decided that the income tax exemptions available to oil refinery investments would continue by the end of this calendar year. The income tax regime of the film industry may also undergo changes, said the sources.

Source: The Express Tribune March 06, 2021 04:41 UTC