Pakistan Tax Agency Issues Notification Allowing Tax Deduction for Oil Exploration Companies

(REUTERS/File)

May 9: Bloomberg Tax states that the Pakistani Federal Board of Revenue May 5 issued notification S.R.O No. 352(I)/2020 allowing specified input tax deductions for oil exploration companies. Input tax deductions are allowed where the person acting as an operator in a joint venture issues a credit transfer note and the registered person to whom the note is issued possesses a zero sales value receipt.

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