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February 15, 2021
ISLAMABAD: President Dr Arif Alvi has promulgated Tax Laws Amendments Ordinance 2021 to facilitate Roshan Digital Accounts for Non Resident Pakistanis, extending 4 percent Super Tax on banks beyond tax year 2021 for indefinite period, imposed Withholding Tax from Rs50,000 to Rs200,000 on different engine capacity on persons who sell locally manufactured cars within 90 days of delivery, offered tax exemption for electric vehicles and locally manufactured mobile devices.
The government claims that this ordinance was promulgated to facilitate businesses. It is not yet known about the revenue impact of these taxation measures but certain moves such as imposition of withholding tax and extending 4 percent Super Tax on banking sector would fetch revenues. However, facilitation measures would result in incurring tax losses. So tax experts believed that there is more incentives involved in it ....

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