Muhammad Umair Zeb
The federal Cabinet has approved Promotion Package for Industry (PPI) offering incentives for investment in new and existing industrial undertakings, for the revival of sick units, and for investment in industries by non-resident and resident Pakistanis having declared foreign assets. This promotion Package for Industry also includes an amnesty for industry and investors.
The Cabinet has approved through circulation, the Promotion Package for Industry-Promulgation of Ordinance for Amendments in the Income Tax Ordinance 2001 Via Income Tax Amendment Ordinance 2022, Muhammad Umair Zeb told to the Frontier Post.
Muhammad Umair, the Tax Expert further elobrate that according to the source, the Federal Board of Revenue (FBR) has moved a summary to the Cabinet which said that incentivization of capital investment into various industrial sectors is common to most tax systems. Pakistan has also provided tax incentives to the industrial sector through the introduction of Special Economic Zones (SEZs), Export Processing Zones (EPZs), and Special Technology Zones (STZs).
There may, however, be a need to extend similar benefits to all geographic areas in Pakistan and also envisage the entrepreneurs to invest in industrial undertakings out of their undisclosed assets so that employment is generated and sick industrial units are revived. It is also imperative to incentivize non-resident Pakistanis and resident Pakistani individuals to repatriate their foreign exchange into Pakistan and invest in the industry.
Umai Zeb, The Tax expert said that the matter of extending a PPI sponsored by the Ministry of Industries & Production (MoIP) came under discussion in a meeting chaired by Prime Minister Imran Khan on 25 January and was approved in principle.
The broad contours of the PPI were shared by the MoIP with the Federal Board of Revenue (FBR) and also discussed.
The PPI has the following three strands:
WASHINGTON (AFP): President Joe Biden and Israeli Prime Minister Benjamin Netanyahu spoke Monday morning, a…
MOSCOW (AFP): Moscow on Monday said it that it could launch strikes at British military…
DUBAI (AFP): Yemen's Iran-backed Huthi rebels said Monday they had exposed a "spy" network aiding…
WASHINGTON (AA) : New York's Columbia University announced Monday the cancellation of its main graduation…
ISTANBUL (AA): The Kariye Mosque in Istanbul, owned by the General Directorate of Foundations of…
GENEVA (AFP) : United Nations experts on Monday condemned “unacceptable” violence by the Israeli military…
This website uses cookies.