Abolition of 12 WHTs to dent revenue by Rs15bln annually
July 6, 2021
ISLAMABAD: In a bid to provide relief to people, the government has abolished 12 Withholding Taxes (WHTs) through Finance Act 2021-22; however, this move is likely to cause Rs15 billion revenue loss annually, The News has learnt.
The government has removed WHTs on banking transactions, air travel, stock exchange, CNG stations, petroleum products, international debit credit card transactions, and extraction of minerals.
In totality, the government slapped additional taxes of Rs116 billion Income Tax through Finance Act 2021-22 and provided relief to the tune of Rs58 billion so net addition is estimated to stand at Rs58 billion in the ongoing financial year. The major relief measures taken by the government was abolishment of 12 WHTs and merger of three more WHTs through Finance Act 2021-22.
ISLAMABAD: The Special Technology Zones Authority and Rapidev DMCC have signed a memorandum of understanding to establish a technology park in Pakistan’s first Special Technology Zone in.
Technology Park in Islamabad to generate $200m, 5,000 jobs in next five years dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
The State-of-the-Art Technology Park in Islamabad Special Technology Zone (STZ) will Generate Revenue of $200 Million and Create 5,000 New Jobs in the Next Five Years.