Islamabad, Pakistan – The Supreme Court of Pakistan (SC) has restored a 10% tax credit for individuals who imported and installed machinery before June 30, 2019.
The SC’s decision overturned a previous ruling that had reduced the tax credit to 5% for the tax year 2019. The court found that this reduction violated the constitutional right to equal treatment for taxpayers. Business Recorder
The SC’s judgment clarifies that the tax credit is available to taxpayers who imported and installed machinery before the end of 2019, regardless of when they claimed the benefit.
This decision will provide significant relief to taxpayers who were negatively impacted by the reduction in tax credit. It also reaffirms the importance of upholding constitutional rights and ensuring fair treatment for all taxpayers.
