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These clause has been omitted by finance Ordinance 2000 dated
19th June 2000.
(14) In the case of any person engaged in the business of
shipping, a presumptive income tax of an amount equivalent to one US$ per tonne of Gross
Registered tonnage per annum shall be charged on ships, including bareboats, registered
under Pakistan flag. In addition a flat charter capacity tax of an amount equivalent to
fifteen US cents per tonne of Gross Registered Tonnage per annum shall be charged per
charter if the vessel is chartered.
Explanation.-For the purposes of this clause, 'equivalent amount' means the rupee
equivalent of a US dollar according to the exchange rate prevalent on the first day of
December in the case of a company and the first day of September in other cases in the
relevant assessment year.
(15) In the case of any person being a main contractor engaged by
the Prime Minister's Housing Authority or a builder and developer of houses and
apartments, under the Prime Minister's Programme for Economic Revival (Housing Sector), a
presumptive income tax of an amount equal to one per cent of his receipts or the turnover
on account of sales of such houses and apartments as the case may be, shall be charged.
