Islamabad: As per the latest news, tax incentives to encourage foreign investment, facilitate the corporate sector, expand the capital market, document the real estate sector, and encourage real estate investment trusts (REITs) are being finalized by the government in the budget (2021-22).
The Federal Board of Revenue (FBR) has decided to include some proposals from the Securities and Exchange Commission of Pakistan (SECP) in the next budget during the ongoing budget process (2021-22).
The SECP’s budget proposal is now being reviewed by the FBR for inclusion in the Finance Bill 2021.
To create a level playing field and promote the development of the regulated non-bank financial market and corporate sector, the SECP collects, reviews, and submits tax proposals relating to its regulated sectors to the FBR every year, according to the SECP budget proposals received at the FBR House.
Critical tax proposals have been submitted to the FBR in light of tax impediments for regulated sectors, the lowest ranking of the index of paying taxes in the World Bank’s Ease of Doing Business Report, 2020, and the tax reforms agreed upon by the federal government under the Capital Market Development Plan and Future Roadmap 2020-2027.