Islamabad: The government has proposed several exemptions for realtors who can complete their low-cost housing projects before June 2024, a news source reported on March 9. These suggestions are part of the Income Tax (Amendment) Bill, 2021; recently tabled before the Senate by Finance Minister Dr Abdul Hafeez Shaikh.
Other proposals include the streamlining of nonprofit organisations (NPOs), exemptions to hydropower IPPs and oil refineries who sign an agreement with the government before June 2021, and measures pertaining to borrowing from foreign multilateral organisations and countries.
In all, the government has proposed 80 amendments in the Income Tax (Amendment) Bill, 2021. According to Dr Shaikh, the government intends to withdraw several exemptions for the corporate sector in a bid to generate additional revenue.
Moreover, he stated that the federal cabinet has provided its approval to making the State Bank of Pakistan (SBP) an autonomous institution with its governor answerable to the parliament and other state institutions concerned.