ECC approves several tax exemptions for Fata, Pata people
- By Web Desk -
- May 31, 2018
ISLAMABAD: The Economic Coordination Committee (ECC) has approved several tax exemptions and other incentives for the next five years for the people of erstwhile the Federally Administered Tribal Areas (Fata) and the Provincially Administered Tribal Areas (Pata).
The approval was granted during the ECC meeting held in Islamabad on Thursday with Prime Minister Shahid Khaqan Abbasi in the chair.
The approved tax exemptions are as follows:
Domestic consumers of electricity would be exempted from sales tax on domestic consumption of electricity. Federal Excise Act 2005 shall replace the erstwhile Central Excise Act 1944.
Non customs paid vehicles would be allowed to be used in erstwhile Fata and Pata till June 30, 2023.
Exemption from all withholding taxes, except on salary will continue.
Any person seeking to set up new industrial undertaking is granted exemption from Income Tax subject to prior approval of the ECC.
The meeting decided to revoke the Neelum Jhelum surcharge on achieving Commercial Operation Date of the project.
The ECC also approved relenting terms for Pakistan Mortgage Refinance Company Limited to promote low cost and affordable housing in Pakistan.