ISLAMABAD: Federal government has provided income tax and capital gain tax exemption to Pakistan Mortgage Refinance Company (PMRC) for five years, with effect from July 1, 2018.
Federal Board of Revenue sources told Customs Today, that federal government has decided to provide relief under the head of income tax and Capital Gain Tax to the customers of Pakistan Mortgage Refinance Company.
In this regard with the amendments in Income Tax Ordinance 2001, federal government exempted the Bonds and Sukuk issued by PMRC from income tax for five years while the profit got from the debt securities will be exempted from Capital Gain Tax for 5 years.
Sources added that the basic aim of this facilitation is to encourage the loan scheme to provide with easy term and condition for the residential purposes.
Sources also added that FBR has amended the Income Tax Ordinance 2001 and inducted two new sections, effective from July, 1 2018 which facilitates the Pakistan Mortgage Refinance Company.
It is important to mention here that Pakistan Mortgage Refinance Company was set up by the State Bank of Pakistan (SBP) with the support of World Bank. The basic aim of the company was to provide housing finance for middle and low income groups.
