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Ten-year tax incentives granted to special technology zones

Business December 15, 2020 KARACHI: The government has granted a comprehensive duty and tax incentives for a period of 10 years to investors operating in the proposed special technology zones (STZs), sources in the Federal Board of Revenue (FBR) said on Monday. The incentives also include immunity from explaining the source of funds to be invested. Besides, exemptions are also available from declaring income and assets for 10 years. The sources said the incentives have been granted through a presidential order to promulgate Special Technology Zone Authority Ordinance 2020 on December 2. The purpose of the ordinance is to provide institutional and legislative support for the technology sector to increase productivity and decrease cost of production through high-tech interventions, according to the sources.

Should Maulana Tariq Jameel head the FBR? | The Express Tribune

Should Maulana Tariq Jameel head the FBR? Tax expert Haq says honesty can’t cut it when it comes to collecting taxes Maulana Tariq Jameel. Photo: Online ISLAMABAD: Midway through the Pakistan Tehreek-e-Insaf (PTI) government’s tenure, it seems safe to say that “honest leadership” is not enough to collect taxes and increase tax base in Pakistan, top tax expert of the country Dr Ikramul Haq said in the Express News programme, The Review. The renowned tax expert noted that enforcement of laws and use of technology were keys to achieving tax collection targets for the Federal Board of Revenue (FBR). “If tax collection can be increased through honesty alone, we should request Maulana Tariq Jameel to head the FBR,” Haq quipped. The comment came in the context of Prime Minister Imran Khan’s strong belief during his election campaign before the 2018 elections that an “honest leadership” could convince people to pay taxes and become a tax-compliant nation.

Non-residents exposed to taxes | The Express Tribune

Non-residents exposed to taxes Prior to the Finance Act 2019, an individual was treated as “resident individual” for a tax year if the person was present in Pakistan for a period of 183 days or more in a tax year. PHOTO: FILE ISLAMABAD: Scores of non-resident persons, who got stuck in Pakistan due to suspension of air travel in the aftermath of Covid-19, have accidentally become resident Pakistanis for tax purposes, exposing them to taxes on their world income. Under the Income Tax Ordinance 2001, a person will be treated as a resident Pakistani, if he stays in Pakistan for 120 days or more in a tax year.

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