FBR waives WHT on imports by HUBCO

ISLAMABAD: Federal Board of Revenue (FBR) here on Tuesday exempted from withholding tax on import of goods by HUB Power Company Limited, its contractors or sub-contractors for the execution of power project.

According to S.R.O.129(I)/2009 issued here in exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government 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, after clause (69), the following new clause shall be added, namely:- “(70) The provisions of section 148, regarding withholding tax on imports, shall not apply in respect of goods or classes of goods for the execution of contract, imported by contractors and sub-contractors engaged in the execution of power project under the agreement between the Islamic Republic of Pakistan and HUB Power Company Limited.” (DT Report)

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