The government has drafted an ordinance to amend the tax laws, proposing various tax exemptions and incentives on the profits of Roshan Digital Account. It was also suggested to reduce the profit practice rate of New Pakistan Certificate.
The government has decided to give a profit tax exemption for Roshan Digital Account, and a draft amendment to the Income Tax Ordinance has been prepared. According to the FBR, investments in Roshan Digital Account will be given various tax exemptions and concessions. Account holders will be able to avail 10 to 15% tax exemption.
According to the FBR, it is proposed to levy one per cent file tax on sale and purchase of property through Roshan Digital Account. The tax amendment proposes to reduce the profit tax rate of New Pakistan Certificate from 20 to 10 per cent.
Under the amendment, it has been proposed to give exemption to Pakistanis living abroad to file returns. Overseas Pakistanis with Roshan Digital Account and New Pakistan Certificate will be included in the ActoTex list.
The return on investment in the stock market through Roshan Digital Account will also be discounted. It is proposed to reduce the capital gains tax rate on profits from the sale of shares from 15% to 10%. The draft tax relief will be approved by a presidential ordinance.
