Islamabad: The federal government has exempted nearly PKR 90 billion worth in income taxes in the current fiscal year for charities and philanthropists, a news source reported.
According to the Federal Board of Revenue (FBR) data, the income tax exemption was provided under various sections of the Income Tax Ordinance including Section 100-C, Section 61, and Section 66. Under these, PKR 21.2 billion was written off for non-profit organisations while PKR 4.6 billion was waived for philanthropists and PKR 64.2 was exempted for other charitable enterprises including the State Bank of Pakistan. (SBP)
The government has also provided complete exemption to the income of Lahore University of Management Sciences (LUMS), whereas previously it was getting tax credit under Section 100-C – now it has been brought under Section 66 providing it with a full waiver.
Moreover, under Section 66, a total of about 67 entities have been provided exemption from income tax – 37 of these availed the 64.2 billion of the total 90 billion.
