Pakistan Tax Agency Announces Cabinet Approval of Draft Supplementary Finance Bill 2021

The Pakistani Federal Board of Revenue Jan. 3 announced the Dec. 27, 2021, cabinet approval of the draft Finance Supplementary Bill, 2021. The draft bill includes measures that would: 1) impose withholding taxes on foreign-produced TV serial or drama and advertisements with foreign actors; 2) increase the advance tax on cellular services to 15 percent from 10 percent; 3) extend the income tax exemption available to real estate investment trusts (REITs) to special purpose vehicles set up under a REIT; 4) increase the sales tax on electric vehicles to 17 percent from 5 percent; 5) withdraw the sales tax exemptions ...