ISLAMABAD: Federal Board of Revenue (FBR) announced “Income Tax Holiday” for the state-of-the-art deep conversion oil refineries.
Sources told Customs Today that the government is considering to establish deep conversion oil refineries in the country and in this regard has exempted these refineries from surcharge, levy and other duty and taxes and also announced “Income Tax Holiday” valid for 20 years for these state of the art deep conversion oil refineries.
Sources also said that this tax exemption will be applied on repairing and rehabilitation of machinery, plants and vehicles and other material used in these conversion oil refineries. The basic aim and purpose of tax and duty exemption is to increase the conversion oil refineries and to increase the capacity of refine oil to 100,000 barrel a day sources added.
It is also important to mention here that in 2015 first unit of deep conversion oil refineries has started production while now Trans Asia Company is also planning to establish deep conversion oil refinery in the country.
