Islamabad: The government is considering not extending the ‘Income Tax (Amendment) Ordinance 2022’ by not making it part of the Finance Bill 2022, according to a news story published on June 6.
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As per the details, the tax amnesty for attracting foreign investment, reviving sick industrial units, and promoting industries; will not be included in the upcoming budget 2022-23. According to the experts, the companies or units that avail the tax amnesty scheme by June 30, 2022, can continue to operate under the provisions of the ‘Income Tax Ordinance 2022’.
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Moreover, the other changes made in the tax law via Income Tax (Amendment) Ordinance will expire unless the specific part is included in the Finance Bill 2022. The government stated that no one can avail the tax amnesty scheme after the expiration of the Income Tax Ordinance.