The Federal Board of Revenue (FBR) has directed its field formations to furnish details pertaining to the issuance of exemption certificates to greenfield industrial undertakings.
Sources told ProPakistani that the FBR has directed all Chief Commissioners Inland Revenue to furnish details with regard to the issuance of exemption certificates to greenfield industrial undertakings till September 6, 2021.
The board has asked the Large Taxpayer Office (LTO), Regional Taxpayer Offices (RTO), Corporate Tax Office (CTOs) and Medium Taxpayers’ Office (MTO) to send name as well as NTN details of taxpayers who have claimed exemptions in terms of clause 86(a) of the income tax ordinance.
The board also directed the field formations to share details about how many taxpayers claimed exemptions, how many exemptions were granted and what is the amount involved. It is pertinent to note that the FBR has introduced a “CHAPTER XVIIA’ in the income tax ordinance pertaining to greenfield industrial undertakings in September 2020.
The FBR has announced certain tax exemptions for those taxpayers who want to make new investments in Pakistan. The taxpayers can avail the benefits if they start a setup on land which has not been previously utilized for any commercial, industrial, and manufacturing activity. The FBR also allowed profits and gains on the income tax of a company from a greenfield industrial undertaking for a period of five years incorporated on and after July 2019.
In addition, the government had also given amnesty by not asking about the sources of income. The FBR had also given sales tax exemptions on importing machinery as well as furniture.
Source: Pro Pakistani