Investment in new plant, machinery: provisions allowing tax credits being extended for three years

In a brief submitted to the National Assembly Standing Committee on Friday, it was informed that one of the cardinal principles of the FBR”s tax policy is growth-oriented taxation. Most of the provisions which allow tax credits on investment in new plant and machinery by an existing industrial undertaking or establishment of new industrial undertakings are going to expire by June 2016. The operation of such provisions (like sections 65B, 65C, 65D, 65E of the Income Tax Ordinance 2001) is being considered to be extended for further three years through the amendment to law through the budget 2016-17.