S.R.O. 29(1)12018.- EXEMPTION FOR PUBLIC SECTOR UNIVERISITIES FROM MINIMUM TAX

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The federal government has allowed exemption from the levy of minimum tax under section 113 of the Income Tax Ordinance, 2001 on public sector universities. 

The decision to allow exemption has been taken at a meeting of Economic Coordination Committee (ECC) of the cabinet held on December 22, 2017.

Federal Board of Revenue has officially issued S.R.O. 29(I)12018 dated January 12, 2018 allowing exemption to public universities from minimum tax. 

Following are the extracts of the SRO



Government of Pakistan 

Revenue Division 

Federal Board of Revenue

Islamabad, the 12th January, 2018.
NOTIFICATION 
(Income Tax)
S.R.O. 29(1)12018.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001) and pursuant to the approval of the Economic Coordination Committee of the Cabinet vide case No.ECC­136/24/2017, dated the 22nd December, 2017, the Board with the approval of Federal Minister-in-charge is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in Part IV, in clause (11A), after sub-clause (xxix), the following new sub-clause shall be added, namely:-
"(xxx) taxpayers qualifying for exemption under clause (126) of Part-I of this Schedule with effect from tax year 2014.".
IF.No.4(66)IT-Budget/2017]

You can download the pdf of SRO by clicking here


Clause 126 of second schedule is stated as below:

(126) Any income of a public sector university established sololy for educational purposes and not for the purposes of profit, with effect from the 1st day of July, 2013.]

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