Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART X TAX CREDITS

Income Tax Ordinance, 2001 CHAPTER-III TAX ON TAXABLE INCOME PART X TAX CREDITS From: 2024-12-29 - To: 0000-00-00 1[***] __________________________________________________________ 1-Section “65H” omitted by substituted by Finance Act, 2022, dated 30-06-2022, with effect from 2nd March, 2022. Earlier Section “65H” inserted by Income Tax (Amendment) Ordinance, 2022, dated 03-03-2022. Before omission section “65H” read as: 65H. Tax credit for foreign investment for industrial promotion,- (1) Where a taxpayer being - (a) a non-resident Pakistani citizen having continued non-residential status for more than five years; or (b) a resident individual having foreign assets declared in terms of section 116 or 116A by the 31st December, 2021, invests in a company incorporated on or after the 1st March, 2022, to set up an industrial undertaking in Pakistan with equity, not less than filly million rupees, with funds remitted into Pakistan through proper banking channel as per the procedure to be proscribed by the Stale Bank of Pakistan, at any lime up to the 31st December, 2022, that company shall be entitled to a one-time tax credit equal to one hundred percent of the amount remitted and credited in rupees in the bank account of such company against tax liability for the tax year in which commercial production commences. (2) Where no tax is payable by the taxpayer in respect of the tax year in which the commercial production has commenced or where the tax payable is less than the amount of credit as aforesaid, the amount of the credit or so much of it as is in excess thereof, as the case may…