Online Desk : The government has set the income tax rate at 20% on the earnings of industries engaged in the production of freezers, refrigerators, motorcycles, air conditioners, and compressors, including spare parts.

A gazette notification, signed by NBR Chairman Abdur Rahman Khan, was issued in this regard on Tuesday.

Currently, these industries pay a 10% income tax and a 2% advance income tax (AIT) on the import of machinery, parts, and equipment, a measure that was expected to remain in effect until 2032.

More to follow…