FBR allows tax credit for four years in stock exchange

KARACHI: Federal Board of Revenue (FBR) has allowed tax credit for four years to new enlistment in the stock exchange.

An amendment introduced through Finance Bill 2017 to Section 65C of Income Tax Ordinance, 2001.

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Under the amended section, where a taxpayer being a company opts for enlistment in any registered stock exchange in Pakistan, a tax credit equal to 20 percent of the tax payable shall be allowed for the tax year in which the said company is enlisted and for the following three tax years.

“Provided that the tax credit for the last two years shall be ten per cent of the tax payable.”

PwC Pakistan Chartered Accountants explained that the said tax credit will now be available for four tax years in the following manner:-

(i) For first two years (including the year of enlistment) at the rate of 20 percent;

(ii) For following two years at the rate of 10 percent.