PRESS RELEASE April 16, 2018
FPCCI urged to extend Tax Credit to investment made in factory
Building and Manufacturing related infrastructure as well
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in its Pre-Budget Proposals prepared by the FPCCI Advisory Council under the Chairmanship of Syed Mazhar Ali Nasir, Acting President, FPCCI has urged the Federal Board of Revenue (FBR) to extend the tax credit facilities also 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.
The Acting President of FPCCI elaborated that 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 which also involve investment in factory building and development of manufacturing related infrastructure therefore, such these types of investments should also be made eligible for tax relief.
He added that the tax credit scheme, since its inception in 2011, has been providing better results and its further continuation would help in realization of Government’s dream of industrialization, a pre-requisite to achieving sustainable economic growth and self-sufficiency.
(MAHER ALAM KHAN)
Secretary General (Act.)