S.R.O. 1129(1)/2026, Islamabad, the 16th July, 202

NOTIFICATION (Income Tax) S.R.O. 1129(I)/2026. In exercise of the powers conferred under section 183 of the Income Tax Ordinance, 2001 (XLIX of 2001), and in supersession of its Notification No. S.R.O. 799(I)/2026 dated 4th May 2026, and in pursuance of Cabinet decision in Case No. 4111/Rule-19/2026-497 dated 15.06.2026, the Federal Government is pleased to exempt amount of default surcharge and penalties, payable against the current income tax liabilities of the Pakistan International Airlines Corporation Limited (PIACL), detailed as under:   S. No. Tax Period Amount 1 Withholding Tax (Other than Salary) – April to Dec. 2024 263,821,746 2 Advance Income Tax (May 2024 to June 2025) 4,028,821,290   TOTAL 4,292,643,036 The above current tax liabilities are subject to the final determination, in order to…