Incentive To New Resident Shipping Companies Section 7A

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.

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