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Govt eyes ordinance to rescind tax exemptions for varied sectors

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  • Federal govt decides to introduce ordinance to abolish tax exemption.
  • The process for introducing a presidential ordinance to abolish the revenue tax exemption of Rs140 billion has been accomplished and a abstract was issued.
  • Sources say the ordinance was accepted by way of a abstract circulation as there was no time to go a invoice within the parliament.

ISLAMABAD: The federal authorities plans to introduce an ordinance to abolish revenue tax exemptions given to numerous sectors, mentioned sources on Friday.

The process for introducing a presidential ordinance to abolish revenue tax exemption of Rs140 billion has been accomplished and a abstract on this regard has been accepted by the federal cupboard, revealed sources.

Sources additional mentioned that the federal cupboard has accepted the ordinance by way of a abstract circulation, including that the invoice was not submitted to the Parliament for approval as a result of lack of time.

The federal authorities has to tell the Worldwide Financial Fund (IMF) earlier than March 24 concerning the abolition of revenue tax exemption, sources added.

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