ISLAMABAD: The International Finance Corporation (IFC) has requested the Federal Board of Revenue (FBR) to exempt its banking transactions from withholding tax.
According to sources, the IFC also requested the FBR for exemption on capital gain tax as well. Sources said that IFC regional director for Middle East and North Africa Maaed Makhlouf has met with Finance Minister Ishaq Dar and requested to direct the FBR in this regard.
Regional director also said that IFC play a vital role in the development of Pakistan by providing loan and investments. While he also told that in fiscal year 2015, our long-term investments in developing countries total $17.7 billion, a 17 percent increase over the previous year.
Sources also added that Ishaq Dar also directed FBR to solve the IFC matter with priority.
