KARACHI: The Federal Board of Revenue (FBR) has allowed exemption from withholding tax on purchase of immovable property by a Sukuk company.
The Second Pakistan International Sukuk Company Limited, which was launched in 2014, has already been given several exemptions and concessions, including levy of various advance taxes, profit on debt and tax on income from property under Income Tax Ordinance, 2001.
Sources said that the further exemption was granted to strengthen the Islamic debt market by attracting investors by grant of tax concessions.
In the latest notification issued on Thursday the company has been allowed exemption from deduction of withholding tax under 236K of Income Tax Ordinance, 2001.
