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 64B. Tax credit for employment generation by manufacturers.- (1) Where a taxpayer being a company formed for establishing and operating a new manufacturing unit sets up a new manufacturing unit between 1st day of July, 2015 and 30th of June, 1[2019], it shall be given a tax credit for a period of ten years. (2) The tax credit under sub-section (1) for a tax year shall be equal to 2[two] percent of the tax payable for every fifty employees registered with The Employees Old Age Benefits Institution and the Employees Social Security Institutions of Provincial Governments during the tax year, subject to a maximum of ten percent of the tax payable. (3) Tax credit under this section shall be admissible where- (a) the company is incorporated and manufacturing unit is setup between the first day of July, 2015 and 30th day of June, 2018, both days inclusive; (b) employs more than fifty employees in a tax year registered with The Employees Old Age Benefits Institution and the Employees Social Security Institutions of Provincial Governments; (c) manufacturing unit is managed by a company formed for operating the said manufacturing unit and registered under the 3[Companies Act, 2017 (XIX of 2017)] and having its registered office in Pakistan; and (d) the manufacturing unit is not established by the splitting up or reconstruction or reconstitution of an…