The income tax exemptions will be withdrawn with immediate effect.

ISLAMABAD (Dunya News) – The incumbent government of Pakistan Tehreek-e-Insaf (PTI) on Friday has planned to bring an ordinance to withdraw income tax exemptions.

The Federal Cabinet has approved a summary to withdraw Rs140 billion worth of income tax exemptions to save the one-month-old staff-level agreement with the International Monetary Fund (IMF).

The income tax exemptions will be withdrawn with immediate effect.

Sources told that the members of the cabinet would record their opinion for promulgating ‘Tax Laws (Second Amendment) Ordinance 2021’ within 24 hours.