Insertion of Clause 24AA in Part-II and Clause 60B in Part-IV in Second Schedule of Income Tax Ordinance, 2001
SRO 44(I)/2017 is an Income Tax SRO dated 27 January 2017, listed by FBR as "Insertion of Clause 24AA in Part-II and Clause 60B in Part-IV in Second Schedule of Income Tax Ordinance, 2001".
FBR publishes this SRO as scanned images, so the text below was transcribed by Qanoon Digest from the page images, with tables set out as tables. Check the official PDF before relying on any wording or figure.
Page 1
GOVERNMENT OF PAKISTAN
Revenue Division
Federal Board of Revenue
Islamabad, the 27th January, 2017
NOTIFICATION
(Income Tax)
S.R.O. 44 (I)/2017.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), and pursuant to the approval of the Economic Coordination Committee of the Cabinet vide case No.ECC-2/1/2017, dated the 6th January, 2017, the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule,-
(a) in Part II, after clause (24A), the following new clause shall be inserted, namely:-
"(24AA) The rate of tax, under section 152 in the case of M/S CR-NORINCO JV (Chinese Contractor) as recipient, on payments arising out of commercial contract agreement signed with the Government of Punjab for installation of electrical and mechanical (E&M) equipment for construction of the Lahore Orange Line Metro Train Project, shall be 6% of the gross amount of payment."; and
(b) in Part IV, after clause (60B), the following new clause shall be inserted, namely:-
"(60C) The provision of section 148 of the Income Tax Ordinance, 2001 (XLIX of 2001) shall not apply on import of equipment to be furnished or installed for Rail Based Mass Transit Projects in Lahore, Karachi, Peshawar and Quetta under CPEC.".
[F.No.1(9)Rules & SROs/2017]
(Rehmatullah Khan Wazir)
Member (IR-Policy)/
Additional Secretary
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