Major amendments made in Income Tax (Second Amendment) Act, 2021

The government has made a number of major amendments in the Income Tax Ordinance, 2001, which aims to increase the tax income by up to Rs 70 billion to Rs 140 billion.

As per details, the act shall be called the Income Tax (Second Amendment) Act, 2021, which shall come into force on the first day of July, 2021.

A number of amendments have been made into the act, Section 64C and 65C have been omitted, and after Section 65E, Section 65F and Section 65G have been inserted.

Under Section 65F Tax Credit For Certain Persons; the income of the following taxpayers shall be allowed a tax credit equal to 100% of the tax payable under any provisions of this Ordinance including minimum and final taxes for the period.

The persons include those engaged in coal mining projects in supplying coal exclusively to power generation projects; a startup as defined in clause 62A of section (2) for the tax year in which the startup is certified by the Pakistan Software Export Board and the following two tax years; persons driving income from exports of computer software or IT services or IT enabled services up to the period ending on the 30th day of June 2025: provided that 80% of the export proceeds is brought into Pakistan in foreign exchange remitted from outside Pakistan through normal banking channels.

970 x 90

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