Sunday, December 4, 2011

Gilgit Baltistan to be tax-free zone

After deferring the decision of imposing taxes in the country’s northern area of Gilgit-Baltistan due to its controversial status, the federal government has planned to declare the autonomous region as a tax-free zone with an objective to attract foreign investment. “The decision has been taken in view of G-B’s disputed constitutional status which had also forced suspension of tax imposition in the region,” sources told yesterday. In a high-level meeting chaired by Prime Minister Yousuf Raza Gilani, the decision of imposing tax was deferred after the G-B government sought its share in the NFC award in return for levying taxes.Gulf News

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