Consultancy, Taxation

Tax credit for Persons engaged in Coal Mining Section 65F

Posted on by Muhammad Waheed Ensari
01
Jul

Tax credit for Persons engaged in Coal Mining Section 65F

Tax credit for Persons engaged in Coal Mining Section 65F: 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.

Tax credit for Persons engaged in Coal Mining Section 65F

Hundred percent tax credit under section 65F is allowed to persons engaged in coal mining projects in Sindh, and supplying coal exclusively to power generation projects in Sindh. An explanation has been added to section 65F to clarify that hundred percent tax is available exclusively to their income derived from coal mining operations in Sindh supplying coal exclusively to power generation projects and thus the provisions of section 65F has not allowed the tax credit to any other income or incomes under any heads other than from supplying coal exclusively to power generation projects in Sindh.

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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