Corporate

The Corporate Assets eviable under section 12 of the Finance Act, 1991 which reads as follows:---

12. Corporate Assets Tax.--- (1) There shall be charged a tax, hereinafter referred to as Corporate Assets Tax, in respect of value of assets held by a company on the specified date, in an amount and in the manner specified hereunder.

(2) A company shall file a return in the prescribed form, accompanied by the balance sheet as on the specified date prepared, audited and certified in accordance with the provisions of the Companies Ordinance, 1984 (XLVII of 1984).

(3) The return referred to in sub-section (2) shall be filed within six months from the specified date:

Provided that the Deputy Commissioner may, on sufficient cause being shown, extend the date for delivery of the return so, however, that no extension of time for a period or periods amounting in all to more than one month shall be allowed.

(4) The Deputy Commissioner may, at any time, by notice in writing, require any company which, in his opinion, is liable to tax under this section, to furnish the return within thirty days from the date of service of such notice.

(5) A company which is liable to pay tax under this section shall pay the tax alongwith the return.

(6) The Deputy Commissioner shall, by an order in writing, determine the tax payable, and shall serve upon the company a notice of demand specifying the sum payable and the time within which it shall be paid; and thereupon such sum shall paid to such account and in such manner as may be prescribed, within the time specified in the notice.

(7) where the company has, without reasonable cause, failed to furnish, within the time for the purpose, the return under sub-section (2) or sub-section (4), the Deputy Commissioner may impose upon such company a penalty at the rate of one thousand rupees for every day during which the default continues.

(8) Where the company fails to pay tax under sub-section (5) or the tax so paid is less than the tax payable under this section, it shall be liable to pay additional tax at the rate of twenty-four per cent per annum on the amount not paid or the amount by which the tax paid falls short of the tax payable, calculated from the date it was payable to the date it is paid or the date of an order under sub-section (6), whichever is earlier.

(9) The provisions of section 32 of the Wealth Tax Act, 1963 (XV of 1963), shall, so far as may be, apply to the collection of Corporate Assets Tax as they apply to the collection of tax under the said Act.

(10) The provisions of sections 23, 24, 25 and 35 of the Wealth Tax Act, 1963 (XV of 1963), shall, so far as may be, apply to an appeal against, or revision or rectification of, an order under this section as they apply to an appeal, revision or rectification under the said Act.

(11) The amount of tax payable under this section shall be follows:---

(a) Where the value of assets is not more than s. 50 million.	Nil
(b) Where the value of assets is more than Rs. 50 million but not more than Rs. 100 million.	Rs. 500,000
(c) Where the value of assets is more than Rs. 100 million but nor more thanRs. 250 million.	Rs. 1,000,000
(d) Where the value of assets is more than Rs. 250 million.	Rs. 2,000,000

12. In this section,---

(a) "company" means a company as defined in the Companies Ordinance, 1984 (XLVII of 1984);

(b) "specified date" means the date for which the balance sheet is made up, being the last date on which accounts of the company are closed but not being any date preceding the 30th June, 1991, or following the 30th day of June, 1992;

(c) "tax" includes any penalty or additional tax chargeable under this section;

(d) "value of assets" means the value of all fixed assets held by the company and shown in its balance sheet as on the specified date; and

(e) Deputy Commissioner has the same meaning as in the Wealth Tax Act, 1963 (XV of 1963).

(13) The Central Board of Revenue may, by notification in the official Gazette, make rules for carrying out the purposes of this section.