Ammendment in Part-III of 2nd Schedule to the Income Tax Ordinance, 2001
SRO 57(I)/2012 is an Income Tax SRO dated 26 January 2012, listed by FBR as "Ammendment in Part-III of 2nd Schedule to the 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 24th January, 2012
NOTIFICATION
(Income Tax)
S.R.O. 57 (I)/2012.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendments shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule,-
(a) in Part III, after clause (11), the following new clauses shall be added, namely,-
"(12) For the case of M/s Pakistan International Airlines Corporation the rate of minimum tax on the amount representing their annual turnover under section 113 shall be reduced by fifty per cent.
(13) For the petroleum agents and distributors who are registered under the Sales Tax Act, 1990 and rice mills and dealers, the rate of minimum tax under section 113 on the amount representing their annual turnover under section 113 shall be reduced by eighty per cent.
(14) For the poultry industry including poultry breeding, broiler production, egg production and poultry feed production, the rate of minimum tax under section 113 on the amount representing their annual turnover under section 113 shall be reduced by fifty per cent.
(b) In Part IV, after clause (43B), the following new clause shall be inserted, namely:-
(43C) The provision of clause (a) of sub-section (1) of section 153 shall not be applicable to any payment received by a petroleum agent or distributor who is registered under Sales Tax Act, 1990 on account of supply of petroleum products.".
[F.N. 4(124)ITP/2008-Pt-II]
( Shahid Hussain Asad )
Member (Inland Revenue)
Additional Secretary/
Related Income Tax SROs on exemptions and concessions
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