FBR seeks exemption certificates

Islamabad: The Federal Board of Revenue (FBR) has sought exemption certificates, details issued under greenfield industrial undertakings.

Sources said that FBR has directed all Chief Commissioners Inland Revenue of Large Taxpayer Office (LTO), Regional Taxpayer Offices (RTO), Corporate Tax Office (CTOs) and Medium Taxpayers’ Office (MTO) to furnish details concerning the issuance of exemption certificates to greenfield industrial undertakings till September 6, 2021.

The board has asked the field formations to send names 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 granted and what is the amount involved.

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The FBR through SRO announced certain tax exemptions in September 2020 for those taxpayers who want to make new investments in Pakistan greenfield industrial undertaking.

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.

 

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