FATA, PATA Exempted From Tax For The Next Five Years

FATA, PATA Exempted From Tax For The Next Five Years

FATA, PATA Exempted From Tax For The Next Five Years: Economic Coordination Committee (ECC) chaired by Prime Minister has approved tax exemptions and other incentives for the next five years for the people of FATA and PATA.

President Mamnoon Hussain gave approval to the 31st constitutional amendment and with this fata and pata have become part of Khyber Pakhtunkhwa.

Incentives For FATA & PATA

Fata and Pata will be exempted of income tax on profits and gains of existing businesses conducted by individuals for a period of five years.

These businesses are required to be registered with Federal Board of Revenue (FBR) by September 30, 2018.

Exemption from sales tax to the retailers has been made to facilitate the general consumers.

Domestic consumers of electricity would be exempted from sales tax on domestic consumption of electricity.

FATA, PATA Exempted From Tax For The Next Five Years
FATA, PATA Exempted From Tax For The Next Five Years

The Federal Excise Act 2005 shall replace the erstwhile Central Excise Act 1944.

Non-custom paid vehicles would be allowed to be used in erstwhile Fata/Pata for a period of five years ending on June 30, 2023. However, these vehicles will not be allowed to cross over to other areas of the country.

On the expiry of the five year’s relaxation period, the vehicles would be regularized on payment of leviable duty and taxes.

Exemption will be granted from all withholding taxes, except on salary. Any person seeking to set up new industrial undertaking is granted exemption from income tax subject to prior approval of the ECC.

Terms for Pakistan Mortgage Refinance Company Limited (PMRCL)

The ECC approved relending terms for Pakistan Mortgage Refinance Company Limited (PMRCL) for ensuring efficacy of the facility towards promoting low cost/affordable housing in Pakistan.

Prime Minister Abbasi appreciated sacrifices and contributions of Pakistan Army in bringing back peace to the country and talked about progress Pakistan made during the tenure, challenges facing Pakistan and the way forward.

For More Information & Videos Subscribe To Our YouTube Channel

Read More News & Articles

Leave a Reply