IMF recommends removal of tax exemption facilities for 33 industries. NBR is working on compliance

The fourth part of the Sixth Schedule of the Income Tax Act provides 10 years of tax exemption to 33 types of organizations in the manufacturing sector. Sectors in this list include active pharmaceutical ingredients and radiopharmaceuticals, agricultural equipment, automatic bricks, automobiles, barrier contraceptives and rubber latex, basic elements of electronics such as resistors, capacitors, transistors, integrated circuits and multi-layer PCBs, bicycles and their spares. . Part; Bio-fertilizer (organic fertilizer); Biotechnology based agricultural products; Boilers and their spare parts and equipment; Compressors and their spare parts; computer hardware; Furniture; Household appliances (blender, rice cooker, microwave oven, electric oven, washing machine, induction cooker, water filter); pesticides and insecticides; Leather and leather products; LED television; processing locally grown fruits and vegetables; Mobile phone; Petrochemicals, Pharmaceuticals; Plastic Recycling; textile machinery; tissue grafting; toys; tire manufacturing; power transformer; Manufacture of synthetic fibers or man-made fibers; Manufacturing of automobile parts and products; Automation and robotics design, manufacturing and parts and components thereof; Design and build artificial intelligence based systems; Nanotechnology based product manufacturing; Aircraft heavy maintenance services, spare parts manufacturing.