Islamabad: The Federal Board of Revenue (FBR) will not inquire about the source of income for funds deposited in Diamer-Bhasha and Mohmand Dams Fund set up Supreme Court of Pakistan, as reported by a news source. The announcement was made during the Finance Supplementary (Amendment) Bill 2018 speech delivered by Finance Minister Asad Umer on Tuesday.
In the bill, the government extended comprehensive tax exemptions to donations made for the planned constructions of these two dams. According to details, the FBR will not invoke Section 111 of Income Tax Ordinance 2011. This section is related to inquiring about the source of income for amounts transferred to a bank account. In addition, the 0.6% withholding tax on non-cash transactions will also not be applicable on amounts donated for dams.
During the same speech, Umar also said that the construction of Diamer-Bhasha Dam will be completed in six years.
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