The Central Board of Revenue (CBR) has exempted Wapda First Sukuk Company Limited from paying income tax and minimum 0.5 percent turnover tax. The Board has amended the Second Schedule of Income Tax Ordinance 2001 through SRO 884(I)/2006, issued on Wednesday.
Through another SRO, No 864(I)/2006, the income as well as turnover of Wapda First Sukuk Company Limited has been exempted from tax. Sources said that there are two ways to tax a company under Income Tax Ordinance 2001: Either the income, or turnover, can be taxed. In case of the First Sukuk Company, the Board has given exemption to both turnover and income from tax.