Pakistan's Federal Board of Revenue has published the Tax Laws (Second Amendment) Ordinance 2021, which was promulgated by the president on 22 March 2021 and introduces several changes with immediate effect. One of the key aspects of the Ordinance is the removal of several tax benefits/incentives in order to increase revenue as per the conditions of an IMF fund facility. This includes the removal of:
- The first year allowance for installing plant, machinery, and equipment by industrial under…