Islamabad : President Arif Ali issued the Tax Laws Amendment Ordinance 2021.
The Tax Laws Amendment Ordinance 2021 will come into force immediately. More than 75 amendments have been made in the tax laws and 62 institutions have been given the facility of tax credit.
Under the Tax Laws Amendment Ordinance 2021, it has been made mandatory to display NTNs or business cards in business places. Failure to display NTNs will result in fines.
The tax exemption for fresh graduates under the ordinance has also been withdrawn.
In addition, tax exemptions for all sports organizations, including the Pakistan Cricket Board (PCB), have been converted into tax credits, while tax exemptions for the film industry have also been withdrawn.
Welfare organizations Shaukat Khanum Memorial Trust, Sharif Trust and Alamgir Welfare Trust have been given tax exemption.