Tax Consultancy, Taxation

Incentive To New Resident Shipping Companies Section 7A

Posted on by Muhammad Waheed Ensari

Incentive To New Resident Shipping Companies Section 7A

Finance Act 2020 has approved the Incentive to newly incorporated Pakistan resident ship owning company incorporated in Pakistan after 15th day of November, 2019 by providing reduced rate of tax equivalent to 75 US cents per ton of gross registered tonnage per annum, in place of 1 USD per gross registered tonnage per annum.

Furthermore, the Finance Act has extended the application date till 2030.

Muhammad Waheed Ensari

Founder & CEO, BeSpoke Consulting and Training with 20+ Years of Professional Experience (International and National) in the field of Business Development, Taxation, Accounting, Finance & Auditing with good understanding of financial management system. Strong exposure in the field of general accounting, G/L maintenance, financial reporting and Internal control procedures. Expert in handling people of diverse nationalities, and renowned for being an excellent team player with a positive “can do” attitude. Energetic & self-motivated with a high degree of cultural sensitivity.

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