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Business & Finance

Cabinet decides to waive off taxes on bonds

  • During a federal cabinet held under the chairmanship of Prime Minister Imran Khan it was decided to waive a number of taxes on these bonds under the Income Tax Ordinance 2001 Schedule.
20 Jan 2021

The federal cabinet has decided to give tax exemption on the profit earned from Euro-Bond and government international Sukuk bonds as well as the bonds issued in the market of China.

During a federal cabinet held under the chairmanship of Prime Minister Imran Khan it was decided to waive a number of taxes on these bonds under the Income Tax Ordinance 2001 Schedule.

As per details, the government mulls that the interest rate on these bonds will be 5.5-6 percent, depending on their term.

The meeting also approved appointment of Ali Mehdi as chief executive officer of Pakistan Development Fund Limited under Public Sector Companies (Corporate governance) Rules 2013, and approved extension of the Pakistan Essential Services Maintenance Act 1952 on the employees of all classes of the Pakistan Petroleum Limited.

The federal cabinet decided to give financial award to the members of the core committee constituted by the Power Division on helping the country avert financial loss in investigation of rental power project and reconstituted the board of directors of the National Transmission and Dispatch Company.

The federal cabinet also endorsed the decisions of the Cabinet Committee on Energy (CCoE) of January 7, 2021 and January 14, 2021, and the Cabinet Committee on Institutional (CCIR) Reforms of December 31, 2020.

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