{"id":85296,"date":"2022-04-13T12:38:58","date_gmt":"2022-04-13T07:38:58","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=85296"},"modified":"2022-04-13T12:39:59","modified_gmt":"2022-04-13T07:39:59","slug":"fbr-new-condition-sick-industrial-units","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-new-condition-sick-industrial-units.html","title":{"rendered":"FBR imposes new condition for sick industrial units to avail tax amnesty"},"content":{"rendered":"\n

Islamabad: The Federal Board of Revenue (FBR) has introduced a new condition for the sick industrial units to avail tax amnesty scheme<\/a>, according to the news published in national dailies on Sunday (April 10).<\/p>\n\n\n\n

Read: <\/strong>PM unveils incentive package for industrial sector<\/a><\/p>\n\n\n\n

In order to avail of the conditional tax concession under the industrial package, the sick industrial units must attain maximum production capacity, in comparison to the production capacity before the unit went sick. Moreover, the industrial units will be certified by the Engineering Development Board (EDB). The company must file the said certificate along with the return of income for the tax year 2026, says the news report.<\/p>\n\n\n\n

The Income Tax (Amendment) Ordinance, 2022, stated that acquiring company can adjust losses for three tax years up to 2026. If the company fails to revive the industrial unit by the tax year 2026, the acquiring company will have to reverse the adjustment of losses in the next 3 tax years. Also, the company must offer income for tax, which was set off because of the adjustment of losses in the tax year 2027. <\/p>\n\n\n\n

Read: <\/strong>Automated Sales Tax Returns: FBR spots misdeclarations<\/a><\/p>\n\n\n\n

Reportedly, the acquiring company should adjust losses in proportion to the share capital acquired in accordance with the conditions mentioned in the sub-section (2) of section 59C of the ordinance. The company cannot use any leftover loss of the company by the end of the tax year 2026 for the set-off of losses in the tax year 2027. However, according to section 57 of the ordinance, the company can carry forward its losses.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) has introduced a new condition for the sick industrial units to avail tax amnesty scheme, according to the news published in national dailies on Sunday (April 10). Read: PM unveils incentive package for industrial sector In order to avail of the conditional tax concession under the industrial package, the sick industrial units must attain maximum production capacity, in comparison to the production capacity before the unit went sick. Moreover, the industrial units will be certified by the Engineering Development Board (EDB). The company must file the said certificate along with the return of income for the tax year 2026, says the news report. The Income Tax (Amendment) Ordinance, 2022, stated that acquiring company can adjust losses for three tax years up to 2026. If the company fails to revive the industrial unit by the tax year 2026, the acquiring company will have to reverse the adjustment of losses in the next 3 tax years. Also, the company must offer income for tax, which was set off because of the adjustment of losses in the tax year 2027. Read: Automated Sales Tax Returns: FBR spots misdeclarations Reportedly, the acquiring company should adjust losses in…<\/p>\n","protected":false},"author":83,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[51935,19230,51936],"persona":[],"class_list":{"0":"post-85296","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-imposes-new-condition-for-sick-industrial-units-to-avail-tax-amnesty","9":"tag-federal-board-of-revenue-fbr","10":"tag-tax-amnesty-for-sick-industrial-units","11":"cat-15015-id"},"acf":[],"yoast_head":"\nFBR imposes new condition for sick industrial units- Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Board of Revenue (FBR) has introduced a new condition for the sick industrial units to avail tax amnesty scheme, according to.....\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-new-condition-sick-industrial-units.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR imposes new condition for sick industrial units- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Federal Board of Revenue (FBR) has introduced a new condition for the sick industrial units to avail tax amnesty scheme, according to.....\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-new-condition-sick-industrial-units.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News & Pakistan Property News & Latest Updates - 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