ISLAMABAD: The federal government on Friday said that it has decided to introduce an ordinance that will abolish the income tax exemptions given to various sectors, Geo.tv reported.
According to sources, a presidential ordinance to rescind the income tax exemption of Rs140 billion has been drafted and the federal cabinet has approved its summary.
Sources further said that the approval of the ordinance was granted through a summary circulation, adding that the bill was not submitted to the Parliament for approval due to lack of time.
The federal government has to inform the International Monetary Fund (IMF) before March 24 about the abolition of income tax exemption, sources added.
