Govt’s Tax Incentives for Telecom Industry and Users to Come into Effect from July

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The government has announced massive tax incentives packages for the telecom sector.   However, while addressing a press conference here on Thursday, the Federal Minister for Information Technology and Telecommunication, Syed Aminul Haque, said that all the incentives will be implemented from 1 July 2021. He said that the federal Cabinet has unanimously approved the …

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Punjab Approves Business Centre

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The government of Punjab has approved the establishment of a multi-purpose business centre at the Quaid-e-Azam Business Park under the management of Punjab Industrial Estates Development and Management Company (PIEDMC). Talking to a delegation of industrialists, PIEDMC Chairman Syed Nabil Hashmi said that the centre would cover an area of 300,000 square feet and its groundbreaking ceremony …

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SBP Digitizes Forex Approval Process with New System

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The State Bank of Pakistan (SBP) has launched an innovative program for end-to-end digitization, titled “End-to-End Digitalization of FX Cases.” The move is made to ensure expeditious handling of foreign exchange proceeds. The SBP also organized an awareness session on the program on Wednesday. Addressing the session, SBP Gujranwala Chief Manager, Muhammad Waheed Akhtar, said, “We …

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SBP Removes Charges and Levy for Internet and Mobile Banking Services Permanently

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The State Bank of Pakistan (SBP) has waived off the fees on various internet and mobile banking services for consumers. In order to promote digitization in the banking sector and encourage the use of digital channels, the State Bank of Pakistan has directed all banks to withdraw annual charges and levy on activation, subscription and …

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Tax Refunds to be Paid Through Automated System of CITRO

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In line with the vision of the Prime Minister to provide maximum facilitation to the taxpayers and under the guidance of Chairman FBR, a Centralized Income Tax Refund Office (CITRO) has been established at FBR in order to facilitate taxpayers by releasing income tax refund payments directly into their bank accounts in an expeditious and …

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Govt Allows 6 Sectors to Avail 100% Tax Credit

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The government has decided to allow six sectors to avail 100 percent tax credit after withdrawal of income exemptions from IT services and IT enabled services; coal mining; green field industries; renewable energy and ship building projects. Highly-placed government officials told Propakistani that the Income Tax (Second Amendment) Bill, 2021 has proposed replacement of income …

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FBR Issues Clarification on Tax Exemption from Income of Exported IT Services

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The Federal Board of Revenue (FBR) has issued a clarification regarding the news about a proposal to withdraw exemption available to income from exports of computer software or IT services or IT enabled services. FBR has clarified that under the current legal dispensation, the exports of computer software, IT Services or IT enabled services are exempt from …

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Govt to Withdraw Income Tax Exemption on IT and IT-Enabled Services

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The government has decided to withdraw income tax exemption available to IT services and IT-enabled services through the Income Tax Amendment Bill, 2021. Under the draft bill, the IT services and IT-enabled services will be allowed to avail 100 percent tax credit at the time of filing of income tax returns. The withdrawal of income …

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