Banks Income Tax Reduced to 20% on Advances to Low Cost Houses and IT Companies

Islamabad June 9 2023: Banks income arising from advances to low cost houses and IT companies to be taxed at reduced rates, according to proposed Finance Bill 2023-24.

Finance bill give extension for two years for the purpose of concessionary tax rate of 20% for banking company’s income from additional advances to low cost housing, agriculture, and SMEs including IT & ITeS.