SOHAIL SARFRAZ

ISLAMABAD: The Federal Board of Revenue (FBR) has exempted profit on loans, borrowed by the government of Pakistan under Facilities Agreements from four foreign banks, from payment of income tax.

In this regard, the FBR has issued five notifications here on Monday.

According to the SRO 655(I)/2017, the FBR has exempted profit on loans borrowed by the government of Pakistan under Facilities Agreement from M/s Credit Suisse AG in following loan agreement: $ 200 million on 3rd March, 2014; $ 250 million on 7th September, 2015; $ 325 million on 10th December, 2015; and $ 408 million on 29th March, 2016.

Under SRO 656(I)/2017, the FBR has exempted profit on loans borrowed by the government of Pakistan under Facilities Agreement $70 million on 24th October, 2015 from M/s Dubai Islamic Bank PJSC.

As per SRO 657(I)/2017, the FBR has exempted profit on loans borrowed by the government of Pakistan under Facilities Agreement $ 100 million on 29th June, 2015 from M/s Standard Chartered (as Lead Manager) and M/s Noor Bank PJSC (as Investment Agent).

Under SRO 658(I)/2017, the FBR has exempted profit on loans borrowed by the government of Pakistan under Facilities Agreement $ 700 million on 20th September, 2016 from M/s China Development Bank Corporation.

Through SRO 659(I)/2017, the FBR has exempted profit on loans borrowed by the government of Pakistan under Facilities Agreement from M/s Noor Bank PJSC in following loan agreement: $ 265 million on 30th September, 2015; $75 million on 31st December, 2015; and $200 million on 29th September, 2016.