FBR has opposed extending tax concessions for setting up new industrial units beyond 30th Jun’21 after identifying gross misuse of the facility. Under section 65D of the Income Tax Ordinance, 2001 a tax credit is available to corporate industrial units, including corporate dairy farming. An amount of PKR 5.57Bn was granted as tax concession during TY20 for newly established industrial undertakings. In one case, an existing industrial undertaking took the guise of a new industrial undertaking to claim the tax credit.
19/3/2021