The Federal Board of Revenue (FBR) has exempted public sector universities from payment of 1.25 percent minimum tax under section 113 of Income Tax Ordinance, 2001. The FBR has issued SRO 29(1)/2018 here on Friday.
According to the SRO, the FBR has granted exemption from the provisions of section 113 of Income Tax Ordinance, 2001 for public sector universities. The proposal for exemption from provision of section 113 of the Income Tax Ordinance 2001 for Public Sector Universities was also approved by the Economic Coordination Committee (ECC) of the Cabinet.
Following is the text of the SRO 29(1)/2018 issued here on Friday:.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001) and pursuant to the approval of the Economic Coordination Committee of the Cabinet vide case No ECC-136/24/2017, dated 22nd December, 2017, the Board with the approval of federal minister-in-charge is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in Part IV, in clause (11A), after sub-clause (xxix), the following new sub-clause shall be added, namely:- "(xxx) taxpayers qualifying for exemption under clause (126) of Part-I of this Schedule with effect from tax year 2014."
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