IT Ministry to Audit High Impact Bootcamp
High Impact Bootcamp Will Be Audited. Pakistan will teach cloud, data, blockchain,...
IT industry has dismissed the new Final Tax Regime (FTR) as a tax credit program.
IT industry has dismissed the new Final Tax Regime (FTR) as a tax credit program.
According to the IT industry, FTR criteria are identical to the tax credit plan the previous government terminated at the industry’s request. The sector believes government measures hinder business and frequent policy changes hurt IT investment.
Ahmed Syed, ex-chairman of PASHA, told that Imran Khan’s government abolished the tax credit scheme and introduced a tax exemption scheme. After promising to preserve the same tax exemption arrangement, the current government established FTR.
If the inspector had cleared IT companies, they would have gotten 100% tax credit, he said. Under the new FTR system, IT companies must pay 0.25 percent tax following Inspector clearance.
Ahmed Syed stated there was no inspection in the tax exemption scheme, but under the FTR system, corporations or their representatives must appear before the FBR inspector. If the official is not pleased, companies must pay a 1% tax
CCP wants businesses to display their products.
The FBR explained the IT tax, but the industry felt this was a justification for the FTR system.
Catch all the Sci-Tech News, Breaking News Event and Latest News Updates on The BOL News
Download The BOL News App to get the Daily News Update & Follow us on Google News.