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FPCCI urges FBR to extend tax credit scheme deadline

FPCCI urges FBR to extend tax credit scheme deadline

ISLAMABAD: Acting President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Syed Mazhar Ali Nasir has urged the Federal Board of Revenue (FBR) to extend the tax credit facilities to the investment made in factory building and other manufacturing related infrastructure and validity of the tax credit scheme be increased from 30th June, 2019 to 30th June, 2021.

“As per section 65E of Income Tax Ordinance 2001, tax credit is admissible/restricted to only for investment made in plant and machinery and undertaking of a new project also involves investment in factory building and development of manufacturing related infrastructure; therefore, such types of investments should also be granted tax relief,” he said.

FPCCI acting president further said that the tax credit scheme, since its inception in 2011, has been providing better results and its further continuation would help in realization of the government’s dream of industrialization, a pre-requisite to achieving sustainable economic growth and self-sufficiency.