ISLAMABAD: The federal government on Friday said that it has decided to introduce an ordinance that will abolish the income tax exemptions given to various sectors, Geo.tv reported.
According to sources, a presidential ordinance to rescind the income tax exemption of Rs140 billion has been drafted and the federal cabinet has approved its summary.
Sources further said that the approval of the ordinance was granted through a summary circulation, adding that the bill was not submitted to the Parliament for approval due to lack of time.
The federal government has to inform the International Monetary Fund (IMF) before March 24 about the abolition of income tax exemption, sources added.
ISPR says killed terrorist were involved in activities against ecurity forces and innocent civilians
Development comes after senior judges seek contempt proceedings against smear campaign
May 9 will be observed to express commitment in "upholding honour of our proud armed forces", reads notification
Fareeda served on different positions during her career as a civil servant
"I should be apologised to, I don't owe apology to anyone", says jailed PTI founder
PTI firebrand announces decision after being denied meeting with party founder Imran Khan in Adiala jail