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ISLAMABAD: The amnesty scheme (industrial package) announced by the previous government for the revival of sick units and promotion of industries has been withdrawn from March 2, 2022.

The explanation of the Finance Bill 2022, issued by a chartered accountant firm, said the Income Tax (Amendment) Ordinance, 2022 introduced tax amnesties as part of a promotion package for industries. The said amnesty is available on investments in the new & existing industrial undertakings; industries owned by overseas Pakistanis and resident Pakistanis having declared foreign assets and revival of sick units. The said amnesties are proposed to be withdrawn with effect from March 2, 2022.

Under the section 65H of the Income Tax Ordinance 2001, in order to provide incentive for industrial promotion, a section was inserted in the Income Tax Ordinance whereby all non-resident Pakistani citizens having non-resident status for more than five years and resident Pakistani citizens can avail the benefit of 100 percent one-time tax credit equal to the amount invested as equity from foreign exchange remitted into Pakistan through normal banking channel in a dedicated rupee account opened by a company incorporated on or after March 1, 2022 to establish an industrial undertaking.

Through the Tax Laws (Third Amendment) Ordinance, 2021, payments made by a company for a transaction under a single account head exceeding Rs 250,000 other than through ‘digital means’ was made inadmissible, subject to certain exclusions. Due to challenges and practical difficulties in the implementation of the said provision, the FBR deferred its implementation from time to time till December 31, 2021. Through Finance (Supplementary) Act, 2022 the effective date was deferred indefinitely till it is notified by the FBR.

The above provisions are now made part of the Finance Bill along with a proposal to enhance the limit of Rs 250,000 on a single account head to Rs 1 million, it said.

Every banking company is proposed to collect advance tax, at the time of transfer of any sum remitted outside Pakistan, on behalf of any person who has completed a credit card or debit card or prepaid card transaction with a person outside Pakistan at the rate of one percent of amount remitted. The advance tax collected under this section shall be adjustable, the explanation of the Finance Bill 2022 added.

Copyright Business Recorder, 2022

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