ISLAMABAD: President Dr. Arif Alvi on Wednesday promulgated the Income Tax (Amendment) Ordinance 2022 for industrial development in the country.

The Ordinance, promulgated by the President under Article 89 of the Constitution on the advice of the Prime Minister – aims at attracting investment, promoting industrial sector and reviving the country’s sick industrial units. It also offered an incentives package for the revival of sick industries.

Through the Ordinance, sections 59 C, 65 H and 100 F have been added in the Income Tax Ordinance 2001, a press release issued here by the President’s Media Wing said.

According to the Ordinance, the investors will be required to pay only 5% fixed tax on the assets declared for the establishment of new industrial unit.

The declared funds will only be used for purchasing plant, machinery and for setting up of an industrial unit. The beneficiary companies will be able to buy the sick or loss-making industrial units.

The Ordinance, in order to encourage the investors, provided adjustment of tax / losses of the sick industries for the next three years.

According to the Ordinance, eligible expatriates and the Overseas Pakistani having assets abroad will be able invest in the industrial sector.

Under the Industrial Package / Ordinance, investors bringing in the funds will be entitled for 100% tax credit. The facility of tax credit, equivalent to the funds brought-in, will be available for five years.