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FBR allows telecommunications companies to adjust tax deductions for equipment imports

FBR allows telecommunications companies to adjust tax deductions for equipment imports

In Thursday’s income tax notice from the FBR, the FBR detailed the regulations for the telecommunications industry in the Financial Law of 2021.

In Thursday’s income tax notice from the FBR, the FBR detailed the regulations for the telecommunications industry in the Financial Law of 2021.

(I) Following Article 2 (29C) of the Regulations, the telecommunications sector is included in the definition of industrial enterprises. This allows them to adjust the taxes withheld under Article 148 on imported capital goods, equipment, and appliances.

(II) In accordance with Article 153(1)(b), the withholding tax for telecommunications services is reduced from 8% to 3% within the minimum taxable range.

(III) In accordance with § 236, reduce the input tax on internet and mobile phone use from 12.5% in the fiscal year 2022 to 10%, and then to 8%.

FBR allows telecommunications companies to adjust tax deductions for equipment imports

Image Credit: Pro Pakistani

OVERVIEW:

In Thursday’s income tax notice from the FBR, the FBR detailed the regulations for the telecommunications industry in the Financial Law of 2021. Following Article 2 of the Regulations, the telecommunications sector is included in the definition of industrial enterprises—5% in the fiscal year 2022 to 10%, and then to 8%.

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