Exemptions other than Covered in Respective Chapters Chapter- 20
Income of a person as represents a subsidy granted to him by the Federal Government for the
purposes of implementation of any orders of the Federal Government in this behalf.- Inter-corporate dividend [U/C 103A]
Any income derived from inter-corporate dividend within the group companies entitled to group
taxation under section 59AA subject to the condition that return of the group has been filed for the tax
year.- Dividend income and long term capital gains of any venture capital fund from investments in zone
enterprises [U/C 103D]
Dividend income and long term capital gains of any venture capital fund from investments in zone
enterprises as defined in clause (p) of section 2 of the Special Technology Zones Authority Act, 202 1
for a period of ten years commencing from issuance of licence by the Authority to the zone enterprise.- Dividend from Pak Libya Holding [U/C 104]
This clause omitted by Finance Act, 2021.
Any income derived by the Libyan Arab Foreign Investment Company being dividend of the Pak-
Libya Holding Company.- Dividend from Saudia Pak Industrial and Agricultural Inv. Co. [U/C 1 05 ]
This clause omitted by Finance Act, 2021.
Any income derived by the Government of Kingdom of Saudi Arabia being dividend of the Saudi-Pak
Industrial and Agricultural Investment Company Limited.- Dividend from Pak-Kuwait Investment Co. [U/C 105A]
This clause omitted by Finance Act, 2021.
Any income derived by Kuwait Foreign Trading Contracting and Investment Company or Kuwait
Investment Authority being dividend of the Pak Kuwait Investment Company in Pakistan from the year
of incorporation of Pak Kuwait Investment Company.- Dividend from Agriculture Income [U/C 105B]
Any income received by a taxpayer from a corporate agricultural enterprise, distributed as dividend
out of its income from agriculture.- Profits and gains derived by a refinery [U/C 1 26 B]
(a) from new deep conversion refinery of at least 100,000 barrels per day for which approval is given
by the Federal Government before the 31st day of December, 2021; or
(b) for the purpose of up gradation, modernization or expansion project of any existing refinery which
makes undertaking to the Federal Government in writing before the 31st day of December, 2021 in
this regard:
Provided that this exemption shall be available for a period of twenty years beginning from the date of
commencement of commercial production in the case of new refinery and ten years from the date of
completion of up gradation, modernization or expansion project of existing refinery.
Provided further that the exemption under this clause shall only be available to those refineries whose
products fulfill Euro 5 standards.- Profits and gains derived by Zone Developers [U/C 126EA]
Profits and gains derived by –
(a) zone developer as defined in the Special Technology Zones Authority Act, 2021 (XVII of
2021) from development and operations of the zones for a period of 10 years starting from
the date of signing of the development agreement;
(b) zone Enterprises as defined in the Special Technology Zones Authority Act, 2021 (XVII of
2021)for a period of 10 years from the date of issuance of license by the Special Technology
Zone Authority; and