President Arif Alvi Wednesday promulgated Income Tax Amendment Ordinance 2022 for industrial development in the country. The president, on the advice of Prime Minister Imran Khan, issued an ordinance under Article 89 of the Constitution. The purpose of the ordinance is to promote investment and industry in the country, while a package has been given to revive the ailing industrial units. Section 59C, 65H, 100F has been added to the Income Tax Ordinance 2001 from the ordinance. The investors will have to pay only 5% fixed tax on the declared assets for the establishment of new industries.