March 19, 2021
ISLAMABAD: The federal government plans to introduce an ordinance to abolish income tax exemptions given to various sectors, said sources on Friday.
The procedure for introducing a presidential ordinance to abolish income tax exemption of Rs140 billion has been completed and a summary in this regard has been approved by the federal cabinet, revealed sources.
Sources further said that the federal cabinet has approved the ordinance through a summary circulation, adding that the bill was not submitted to the Parliament for approval due to lack of time.
The federal government has to inform the International Monetary Fund (IMF) before March 24 about the abolition of income tax exemption, sources added.