Rs20bn per annum revenue loss likely
ISLAMABAD: The tax incentives package for erstwhile Federally Administered Tribal Areas (Fata) and Provincially Administered Tribal Areas (PATA) notified by the Federal Board of Revenue (FBR) Monday revealed sales tax exemption for retailers and industrial units located in Fata/Pata, exemption from sales tax and ‘extra sales tax’ on the supply of electricity to domestic, commercial and industrial consumers including retailers and exemption from income tax on profits and gains of individuals, Association of Persons (AoPs) and companies located in erstwhile Fata/Pata.
In this regard, the FBR has issued SRO 890(1)/2018, SRO 889(1)/2018, SRO 888(1)/2018, SRO 887(1)/2018, here on Monday to notify the package.
Sources said that the exemptions/concessions will result in revenue loss of around Rs 20 billion per annum.
Published in Business Recorder, 24th July, 2018