Islamabad: The FBR (Federal Board of Revenue) has given Reko Diq Mining Company an exemption from paying CVT – capital value tax as defined in the Finance Act 2022.
In this reference, FBR issued the document (SRO.2200(I)/2022) that you can get on official website , notifying modifications to the Finance Act of 2022. Per the notice, beneath Section 8 of the Finance Act of 2022, the federal government may, by notice in the official newspaper, exempt any acquisition or type of assets from tax subject to such requirements as defined.
According to this revision in regulations, the federal government has exempted all assets of the Reko Diq Mining Company (Private) Limited (previously Tethyan Copper Company Pakistan Private Limited (TCC)) from the entirety of the CVT (capital value tax) owed under sub-section (1) of Section 8 of the Finance Act 2022.
Recently, the Supreme Court bar stated the contract between the government and the TCC was correct, encouraging the government to allocate a statement granting the TCC particular exemptions in mineral proceeds.
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