Consultancy, Taxation

Insertion of Exemption in Second Schedule Clause (99B)

Posted on by Muhammad Waheed Ensari
01
Jul

Insertion of Exemption in Second Schedule Clause (99B)

Insertion of Exemption in Second Schedule Clause (99B): Finance Act, 2024 — Explanation regarding Important Amendments made in the Income Tax Ordinance, 2001

Important amendments made in Income Tax Ordinance, 2001 (“the Ordinance”) through Finance Act, 2024 are explained in the subsequent paragraphs.

Insertion of Exemption in Second Schedule Clause (99B)

The income of a Special Purpose Vehicle (SPV) from purchasing Diversified Payment Rights through Authorized Dealers in Pakistan has been exempted from tax under clause (99B) of Part I of the Second Schedule. This exemption applies under the definitions provided in the State Bank of Pakistan’s Circular(s) or Regulations in respect of Diversified Payment Rights.

Read full text of Explanation of Finance Act, 2024 Amendments made in the Income Tax Ordinance, 2001 for more updates on taxes from FBR click here.

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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