The Federal Board of Revenue (FBR) has exempted all assets of Reko Diq Mining Company (Private) Limited from payment of capital value tax (CVT) payable under the Finance Act 2022.
In this connection, the FBR issued SRO.2200(I)/2022 on Monday.
According to the notification, in the exercise of the powers conferred by sub-section (12) of section 8 to the Finance Act 2022, the federal government has exempted all assets of the Reko Diq Mining Company (Private) Limited (formerly Tethyan Copper Company Pakistan Private Limited (TCC) from the whole of the capital value tax payable under sub-section (1) of section 8 of the Finance Act 2022.
Under section 8 of the Finance Act 2022, the federal government may, by notification in the official gazette, exempt any asset or class of assets from tax subject to such conditions as may be specified.
