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ISLAMABAD: The government has decided to grant exemption from duties and taxes on the goods received as donations or imported for flood relief operations.

Sources told Business Recorder here on Monday that the Federal Board of Revenue (FBR) will move a summary to Prime Minister Shehbaz Sharif seeking exemption of duties and taxes on the import of goods for flood victims or imported donations. The imported goods required for flood relief operations would also be exempted from duties and taxes. After approval, the FBR will issue the necessary notifications in this regard.

To a query, sources said that so far no spiced proposal is under examination to grant tax exemption to a specific sector. However, the exemption of duties and taxes on the import stage would facilitate foreign and local aid during the reconstruction process in the flood-affected areas. The FBR has also granted income tax and federal excise duty exemption on any donation received in the Prime Minister’s Flood Relief Fund from August 5, 2022.

PM’s flood relief fund: IT and FED exemption granted to donations

According to the SRO 1589(I)2022 issued by the FBR, in exercise of powers conferred by sub-section (2) of section 16 of the Federal Excise Act, 2005, the federal government has exempted the federal excise duty leviable on any donation received in Prime Minister’s Flood Relief Fund, 2022. This notification shall take effect on and from August 5, 2022.

Under SRO 1590(I)2022, the FBR has amended the Second Schedule (Exemption Schedule) of the Income Tax Ordinance 2001. The income tax exemption would be available to the Prime Minister’s Flood Relief Fund, 2022 with effect on and from August 5, 2022. The provisions of section 151 (tax on profit on debt) shall not apply to the Prime Minister’s Flood Relief Fund, 2022 with effect on and from August 5, 2022. The provisions of section 236 (advance tax on telephone and internet users) shall not apply on the amount donated through SMS to the Prime Minister’s Flood Relief Fund, 2022 with effect on and from August 5, 2022.

Copyright Business Recorder, 2022

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