ISLAMABAD: Federal Board of Revenue (FBR) has granted income tax exemption on profit gained by foreign financial institutions against lending to the government of Pakistan.
The government borrowed under facilities arrangements from various foreign banks.
According to SROs 280 to 284, the FBR granted exemption from income tax on profit derived by foreign financial institutions, which extended loans to Pakistan on November 26, 2013.
The exemptions have been allowed to: M/s China Development Bank Corporation; M/s. Credit Suisse A.G.; M/s. Noor Bank PJSC; M/s. Standard Chartered (as lead manager) and M/s. Noor Bank PJSC (as investment agent; and M/s. Dubai Islamic Bank PJSC.
