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Income of religious or charitable trusts, etc:
(93) Any income which is derived from [ ] , investments in securities of the Federal
Government and house property [ ] held under trust or other legal
obligations wholly, or in part only, for religious
or charitable purposes and is actually applied or finally set apart for application
thereto:
[ ]
Provided that nothing in this clause
shall apply to so much of the income as is not expended within Pakistan:
Provided further that if any sum out of the amount so set apart is expended outside
Pakistan, it shall be included in the total income of the income year in which it is so
expended or of the year in which it was set apart, whichever is the greater, and the
provisions of sub-section (3) of section 65 shall not apply to any assessment made or to
be made in pursuance of this proviso.
Explanation.- Notwithstanding anything
contained in the Mussalman Wakf Validating Act, 1913 (VI of 1913), or any other law for
the time being in force or in the instrument relating to the trust or the institution, if
any amount is set apart, expended or disbursed for the maintenance and support wholly or
partially of the family, children or descendents of the author of the trust or the donor
or the maker of the institution or for his own maintenance and support during his life
time or payment to himself or his family, children, relations or descendents or for the
payment of his or their debts out of the income from house property dedicated, or if any
expenditure is made other than for charitable purposes, in each case such expenditure,
provision, setting apart, payment or disbursement shall not be deemed, for the purposes of
this clause, to be for religious or charitable purposes.
(93A) Any income derived from donations
made by non-official or private sector sources in Pakistan to the Waqf for Research on
Islamic History, Art and Culture, Istanbul set up by the Research Centre for Islamic
History, Art and Culture (IRCICA):
(94) Any income of a religious or charitable institution derived from voluntary contributions applicable solely to religious
or charitable purposes of the institution:
Provided that nothing contained in clause (93) or this clause shall apply to the income of
a private religious trust which does not endure for the benefit of the public.
[ (95) ]
[ (95A) ]
[ (95B) ]
[ (97) ]
[ (98) ]
[ (99), (100), (101) & (102)
]
[ (102A) ]
[ (102B) ]
(102C) Any income derived by an assessee
from the business of fish catching or fish processing, where the fish catching business or
fish processing unit is established by the assessee for the first time between first day
of July, 1993, and 30th day of June, 1997,
for a period of five years from the date of such establishment, subject to the condition
that the said date shall be determined by the Commissioner on an application made by the
assessee.
Income of Mutual Funds:
(102D) Any income derived by a Mutual Fund or an investment company registered under
the Investment Companies and Investment Advisors Rules, 1971 or a unit trust scheme
constituted by an asset management company registered under the Assets Management
Companies Rules, 1995, if not less than ninety percent of its income of that year is
distributed amongst the unit or certificate holders or share-holders, as the case may be.
(102E) Any income of a modaraba, not
being a trading modaraba, registered under the Modaraba Companies and Modaraba (Floatation
and Control) Ordinance, 1980, for any assessment year commencing on or after the first day
of July, 1999, provided that not less than ninety per cent of its total profits, in a
year, are distributed to its certificate holders;
(102F) The income of National Investment (unit) Trust for the
assessment year 1999 - 2000 and 2000 - 20001.
(102E) Any income, not being income from trading activity, of a
modaraba registered under the Modaraba Companies and Modaraba (Floatation and Control)
Ordinance, 1980 (XXXI of 1980), for any assessment year commencing on or after the first
day of July, 1999:
Provided that not less than ninety per cent of its total profits in the year as reduced by
the amount transferred to a mandatory reserve, as required under the provisions of the
said Ordinance or the rules made thereunder:
Provided further that with effect from the first day of July, 1999 for the purpose of
determining the distribution of ninety per cent profits, the profits distributed though
bonus certificates or shares to the certificate holders shall not be taken into account.
"(102G) Profits and gains
derived between the day of july 2000 and thirteth day of june, 2007.both days inclusive ,
by a joint venture capital company registered under venture capital companies and funds
managment rules 2000."; and
[ (103) ]
[ (103A), (104) (105) & (106) ]
[ (107) ]
(107A) Any dividends received on or after
the first day of July, 1982, by the Investment Corporation of Pakistan from any other
company which has paid or will pay the tax in respect of the profits out of which such
dividends are paid.
Tax Exemption on Bonus Shares:
(108)
Income of partners of firms, etc.:
(109) Any sum received by an assessee as a member of a Hindu undivided family out of
the income of the family.
(110) Any sum which the assessee is entitled to receive out of the income of an
association of persons (other than a Hindu undivided family, a company or a firm) on which
tax has already been paid by the association:
Provided that such sum shall be included in the total income of the assessee for computing
the average rate of tax applicable to the total income excluding such sum.
(111) Any sum being the share of the assessee (or any portion thereof) in the profits and
gains of an unregistered firm, not being a firm treated as a registered firm under
sub-clause (ii) of clause (b) of sub-section (1) of section 69, computed in the manner
laid down in sub-section (4) of section 69, on which tax has already been paid by the
firm:
Provided that such sum shall be included in the total income of the assessee for computing
the average rate of tax applicable to the total income excluding such sum.
(111A) Any sum being the share of the
assessee (or any portion thereof) in such profits and gains of a registered firm as are
liable to be assessed under the provisions of section 80C or section 80CC.
(112) Any distribution received by an assessee from the National Investment (Unit) Trust
or a Mutual Fund established by the Investment
Corporation of Pakistan out of the capital gains of the said Trust or Fund on which tax
has already been paid.
[ (113) ]
[ (114) ]
Income from transport business:
(115) Any income derived by a person from plying of any vehicle registered in the
territories of Azad Jammu and Kashmir, excluding income arising from the operation of such
vehicle in Pakistan to a person who is resident in Pakistan and non-resident in those
territories.
Income of Water and Power Development
Authority:
(115A) Any income derived by the Pakistan Water and Power Development Authority,
established under the Pakistan Water and Power Development Authority Act, 1958 (West
Pakistan Act No. XXXI of 1958).
(115B)
(115C) The income derived by a company in which more than
ninety - nine per cent shares are held, wheather jointly or severally, by the Federal
Government and the water and Power Development Authrity specified in entry (115A), engaged
in generation of thermal power, transmission or distribution of electricity, for the
assessment year 1998-99, 1999-2001. ; and
Capital gains:
(116) Any income chargeable under the head "capital gains" , being income from the sale of modaraba certificates or any instrument of redeemable capital as defined in the
Companies Ordinance, 1984 (XLVII of 1984), listed on any stock exchange in Pakistan or
shares of a public company (as defined in the First Schedule) and the Pakistan Telecommunicat-ions Corporation vouchers issued by
the Government of Pakistan, derived by an assessee in respect of any assessment year
ending on or before the thirtieth day of June, 2005
(116A) Any income chargeable under the
head 'capital gains', being income from the sale of shares of a public company (as defined
in the First Schedule), derived by any foreign institutional investor as is approved by
the Federal Government for the purposes of this clause.
(116B) Any income chargeable under the
head 'capital gains' arising to an assessee for any assessment year commencing on or after
the first day of July, 1991, from the sale of shares of industrial units of public sector
corporations by the Privatization Commission.
(116C) Any income chargeable under the
head "capital gains", being income from the sale of shares of a public company
(as defined in the First Schedule) set up in any Special Industrial Zone referred to in
clause (126C) derived by an assessee for a period of five years from the date of
commencement of its commercial production [:]
Provided that the exemption under this
clause shall not be available to an assessee from the sale of shares of such companies
which are not eligible for exemption from tax under clause (126C).
(117) Any income chargeable under the head "capital gains" derived by an
assessee from an industrial undertaking set up in an-area declared by the Federal
Government to be a "Zone" within the meaning of the Export Processing Zones
Authority Ordinance, 1980 (IV of 1980).
(117A) Any income derived by an
individual from transfer of his membership rights or share of a stock exchange in Pakistan
to a company at any time between the 1st day of July, 1998, and the 30th
day of June, 1999 and between the first day
of July 2000 and the 30th day of June 2001.
(118) Any share of income received by an assessee out of capital gains on which tax has
been paid by the firm of which he is a partner.
[ (118A) ]
[ (118B) ]
[ (118D) ]
[ (118E) ]
[ (118F) ]
[ (118H) ]
[ (118I) ]
[ (119), (120) & (121) ]
[ (162) ]
(121A) Profits and gains derived by an
assessee from a pioneer industrial undertaking which is
set up by 30th day of June, 1997, for a period of five years from the date of
commencement of commercial production:
The exemption under this clause shall apply to a pioneer industrial undertaking which-
(a) is owned and managed by a company formed and registered under the Companies Act, 1913
(VII of 1913), having its registered office in Pakistan;
(b) is an undertaking the income, profits and gains of which are not liable to be computed
in accordance with the rules contained in the Fifth Schedule;
(c) fulfills the following conditions, namely:-
(i) that the undertaking is based on highly sophisticated technology;
(ii) that the technology employed has fast obsolescence;
(iii) that investment in the undertaking involves high risk; and
(iv) that the goods produced, or to be produced, are such that neither these goods, nor
identical or close substitutes thereof, are being produced in Pakistan; and
(d) is approved, on an application made by the assessee in such form and manner and
accompanied by such statements, certificates, documents and undertakings, and in
accordance with such procedure, as may be prescribed, by the Central Board of Revenue.
(121B) Profits and gains
derived by an assessee, being a Pakistani company, from an industrial undertaking engaged
in the manufacture of electronic equipment or components thereof which is set up in the
NorthWest Frontier Province or in the Islamabad Capital Territory by 30th day of June, 1997, and is approved by the Central Board
of Revenue for purposes of this clause, for a period of five years from the date of
commencement of commercial production.
Income from ships:
(121C) Profits and gains derived by an assessee being a Pakistani company from a ship
registered in Pakistan between the first day of July, 1993, and 31st day of December,
1995, for a period of five years from the date of registration of such ship in Pakistan.
[ (122) ]
[ (122A) ]
[ (122B) ]
[ (122C) ]
[ (122D) ]
[ (122E) ]
[ (122F) ]
[ (123A) ]
[ (124) ]
[ (124A) ]
[ (125) ]
[ (125A) ]
[ (125B) ]
(125C) Fruit Processing:
(1) Profits and gains derived by an assessee from an industrial undertaking for a
period of five years from the date of commencement of commercial production.
(2) The exemption under this clause shall apply to an undertaking which is-
(a) set up between the first day of July, 1994, and the thirtieth day of June, 2000, both days inclusive;
(b) owned and managed by a company formed exclusively for operating the said industrial
undertaking engaged in fruit processing and registered under the Companies Ordinance, 1984
(XLVII of 1984), and having its registered office in Pakistan; and
(c) is not formed by splitting up or the reconstruction or reconstitution of business
already in existence or by transfer to a new business of any machinery or plant in
Pakistan at any time before the commencement of the new business.
(125D) Manufacture of soft and stuffed toys:
(1) Profits and gains derived by an assessee from an industrial undertaking for a
period of five years from the date of commencement of commercial production.
(2) The exemption under this clause shall apply to an industrial undertaking which is-
(a) set up between the first day of July, 1994, and the thirtieth day of June, 2000, both days inclusive;
(b) owned and managed by a company formed exclusively for operating the said industrial
undertaking engaged in the manufacture of soft and stuffed toys; and
(c) not formed by splitting up, reconstruction or reconstitution of business already in
existence or by transfer to a new business of any machinery or plant in Pakistan at any
time before the commencement of the new business.]
(125E) Manufacture of Solar Energy Equipment:
(1) Profits and gains derived by an assessee from an industrial undertaking for a
period of five years from the date of commencement of commercial production.
(2) the exemption under this clause shall apply to an industrial undertaking which is-
(a) engaged in the manufacture of solar thermal, photovoltaic equipment for production of
solar energy and solar appliances;
(b) set up between the first day of July, 1997 and the thirtieth day of June, 2000; and
(c) is not formed by splitting up or the reconstruction or reconstitution of business
already in existence or by transfer to a new business of any machinery or plant in
Pakistan at any time before the commencement of the new business.
(126) Profits and gains derived by an assessee from an industrial undertaking set up in an
area declared by the Federal Government to be a "Zone" within the meaning of the
Export Processing Zones Authority Ordinance, 1980 (IV of 1980), for a period of five years
from the date of commencement of production, and for such further period as may be allowed
by the Federal Government [:]
Provided that nothing contained in this
clause shall apply to an industrial undertaking set up after the 30th June, 1997.
(126A) Profits and gains derived by an
assessee upto the thirtieth day of June, 1997,
from an industrial undertaking set up in the Karachi. Export Processing Zone, declared by
the Federal Government as a 'Zone' within the meaning of the Export Processing Zones
Authority Ordinance, 1980 (IV of 1980).
(126B) (i) Profits and gains derived by a
company for a period of five years from an industrial undertaking set up in such area and
within such period and on such conditions as the Federal Government may, by notification
in the official Gazette, specify [:]
Provided that the exemption under this
sub-clause shall not be available after the 31st January, 1996, except to such companies
otherwise qualifying under this clause, which have established letters of credit for the
import of plant and machinery for such industrial undertaking by the 31st January, 1996.
(ii) Income chargeable under the head "Capital gains" derived by an assessee
from the sale of shares representing foreign equity in such company and on such conditions
as the Federal Government may, by notification in the official Gazette, specify [:]
Provided that the exemption under this sub-clause shall not
be available to an assessee from the sale of shares representing foreign equity in such
companies which do not qualify for exemption under sub-clause (i).
(126C) (1) Profits and gains derived by
an assessee from an industrial undertaking set up between the first day of July, 1995, and
the thirtieth day of June, 1999, both days inclusive, for a period of ten years beginning
with the month in which the undertaking is set up or commercial production is commenced,
whichever is the later [:]
Provided that the exemption under this clause shall not be
available after the 31st January, 1996, except to such assessees, otherwise qualifying
under this clause, who have established letters of credit for the import of plant and
machinery for such industrial undertaking by the 31st January, 1996.
(2) The exemption under this clause shall apply to an industrial undertaking which
fulfills the following conditions, namely:-
(a) that it is set up in such area as may be notified by the Federal Government to be a
Special Industrial Zone;
(b) that it is not formed by the splitting up, or the reconstruction or reconstitution of
a business already in existence or by transfer to a new business of any machinery or plant
used in a business which was being carried on in Pakistan at any time before the
commencement of the new business;
(c) that it is owned and managed by a company formed exclusively for operating such
industrial undertaking and registered under the Companies Ordinance, 1984 (XLVII of 1984),
having its registered office in Pakistan; and
(d) that it is not engaged in the manufacture of arms and ammunition, security printing,
currency and mint, high explosives, radioactive substances, alcohol (except industrial
alcohol), cotton ginning, spinning (except as part of integrated textile unit), sugar
manufacturing (white), flour milling, steel re-rolling and furnace, Tobacco industry, ghee
or vegetable oil industry, plastic bags (including Polypropylene, and Polyethylene).
beverages (excluding fruit juices), polyester industry, automobile assembly and cement
industry.
(126D) (1) Profit and gains derived by an
assessee from an industrial undertaking set up between the first day of July, 1995, and
the thirtieth day of June, 1997, both
days inclusive, for a period of eight years beginning with the month in which commercial
production is commenced.
(2) The exemption under this clause shall apply to an industrial undertaking which
fulfills the following conditions, namely:-
(i) It is set up in a rural area i.e., outside the limits of any municipal corporation,
municipal committee, cantonment board or Islamabad Capital Territory and in no case within
the following areas namely:-
(a) upto thirty kilometers from the municipal or cantonment limits of Karachi or Lahore;
and
(b) upto ten kilometers from the existing limits of municipal corporations or cantonment
boards;
Explanation.- The distance between an industrial undertaking and the outer boundary of a
municipal or cantonment limit shall be measured in a straight line on horizontal plane as
provided in section 11 of the General Clauses Act, (X of 1897), and the said distance,
wherever required, will be defined and determined by the concerned officer of the District
Administration.
(ii) It is not formed by the splitting up, or the reconstruction or reconstitution of a
business already in existence or by transfer to a new business of any machinery or plant
used in a business which was being carried on in Pakistan at any time before the
commencement of the new business.
(iii) It is owned and managed by a company formed for operating such industrial
undertaking and registered under the Companies Ordinance, 1984 (XLVII of 1984), having its
registered office in Pakistan.
(iv) It is an undertaking engaged in any of the following agro-based industries:-
(a) cultivation, production, processing and preservation of flowers and ornamental plants;
(b) cattle, sheep and goat farming for the production and processing of meat. It will
cover rearing, sale and slaughtering of animals and processing and packing of meat and
meat products;
(c) dairy farming for the production of milk;
(d) processing, packing, preservation and canning of milk and milk products with or
without addition of other things;
(e) processing, packing, preservation and canning of meat and meat products;
(f) processing, packing, preservation and canning of fruits and vegetable;
(g) inland farming and preservation, packing and canning of fish and seafood with or
without addition of other things;
(h) cultivation, production and multiplication of high yielding seeds of cereals, pulses,
vegetables, fruits, oilseeds, and cash crops like sugarcane, cotton cocoa, coffee, tea,
herbs and spices;
(i) cultivation, production and extraction of edible oils;
(j) poultry farming and processing, packing, preservation and canning of poultry meat with
or without addition of other things; and
(k) manufacture of cattle and poultry feeds.
[ (126E) ]
[ (127) ]
(128) Any income accruing or arising outside Pakistan to an industrial undertaking set up
in an area declared by the Federal Government to be a 'Zone' within the meaning of the
Export Processing Zones Authority Ordinance, 1980 (IV of 1980), provided the said income
accrues or arises from such activities of the said undertaking as are approved by the
Federal Government [:]
Provided that nothing contained in this
clause shall apply to an, industrial undertaking set up after the 30th June, 1997.
[ (129) ]
Medical expenditure by individuals.
(129A) Any amount paid by an assessee, being an individual and resident in Pakistan, by
way of personal expenditure on medical services:
Provided that the receipts in respect of such expenditure bearing names , National Tax Number and complete addresses of the medical
practitioners are furnished alongwith his return of total income.
(129B) any amount paid by way of Federal
Educational Fee or expended on setting up and managing or running of a middle, high or
technical school in accordance with the conditions laid down in the Federal Educational
Fee Scheme.
[ (130) ]
Income of returning expatriates.-
(130A) Any income which accrues or arises outside Pakistan to a resident (who is a citizen
of Pakistan but was not resident in any of the four years preceding the year in which he
became resident) for two years, that is to say, in respect of the income year in which he
became resident and the income year next following.
[ (131) ]
[ (132) ]
Income of Pakistan Agricultural Research Council:
(133) Income of Pakistan- Agricultural Research Council, Islamabad.
(133A) Any income of the Institutions of
the Agha Khan Development Network, (Pakistan) as contained in Schedule I of the Accord and
Protocol, dated November 13, 1994, executed between the Government of the Islamic Republic
of Pakistan and the Agha Khan Development Network and
Income of Pak-Lybia Holding Company:
(134) Any income of Pak-Libya Holding
Company in Pakistan up to the fourteenth day of October, 1998, subject to the conditions
that-
(i) the Libyan contribution in foreign exchange shall be deposited with the State Bank of
Pakistan or in a foreign currency account with a nationalised commercial bank in Pakistan;
(ii) the said contribution in foreign exchange shall not be converted into Pak rupee
unless it is invested in a project in Pakistan; and
(iii) the return payable to Libyans shall not be covered by the exchange risk facility in
Pakistan.
Income of Saudi-Pak Industrial and
Agricultural Investment Company Limited:
(134A) Any income of, Saudi-Pak Industrial and Agricultural Investment Company Limited
in Pakistan for a period of twenty years
commencing with the thirty-first day of December, 1982.
Income of Pakistan-Kuwait Investment Company:
(135) Any income of Pakistan-Kuwait Investment Company in Pakistan for a period of twenty years from the date of its
incorporation.
[ (135A) ]
(135B) Any income of the Liaquat National
Hospital Association, Karachi.
(135C) Any income derived by-
(i) Abdul Sattar Edhi Foundation, Karachi; and
(ii) Bilquis Edhi Foundation, Karachi.
(135 D)Any income derived by alshifa
Trust Rawalpindi, for the Assessment Years comencing on or after the first day
of july , 1991."
(135 E) Any income derived by Fatmid
Foundation , Karachi."
[ (136), (136A), and (137) ]
[ (138) ]
[ (138A), (138B) and (138C) ]
(139) Any income-
(a) of a company registered under the Companies Act, 1913 (VII of 1913), and having its
registered office in Pakistan, as is derived by it by way of royalty, commission or fees
from a foreign enterprise in consideration for the use outside Pakistan of any patent,
invention, model, design, secret process or formula or similar property right, or
information concerning industrial, commercial or scientific knowledge, experience or skill
made available or provided to such enterprise by the company or in consideration of
technical services rendered outside Pakistan to such enterprise by the company under an
agreement [ ] in this behalf, or
(b) of any other assessee as is derived by him, in the income year relevant to the
assessment year beginning with the first day of July, 1982 and any assessment year
thereafter, by way of fees for technical services rendered outside Pakistan to a foreign
enterprise under an agreement entered into
in this behalf:-
Provided that-
(i) such income is received in Pakistan by or on behalf of the said company or other
assessee, as the case may be, in accordance with the law for the time being in force for
regulating payments and dealings in foreign exchange; and
(ii) where any income as aforesaid is not brought into Pakistan in the year in which it is
earned and tax is paid thereon, an amount equal to the tax so paid shall be deducted from
the tax payable for the year in which it is brought into Pakistan and, where no tax is
payable for that year or the tax payable is less than the amount to be deducted, the whole
or such part of the said amount as is not deducted shall be carried forward and deducted
from the tax payable for the year next following and so on [.]
[ (iii) ]
(140) Any income of an assessee, being a partner in a registered firm, as represents his
share of such income of the said firm as is exempt under clause (139).
Pakistan Telecommunication Corporation:
(140A) Any income derived by the Pakistan Telecommunication Corporation from the Ist
July, 1994, till the incorporation of its successor company, namely, the Pakistan
Telecommunication Company Limited.
Pakistan Telecommunications Company (Pvt.)
Limited:
(140B) Any income derived by the Pakistan Telecommunication Company (Pvt) Limited, for
a period of three complete financial
years from the date of its establishment as a company under the Companies Ordinance, 1984
(XLVII of 1984).
Income of foreign air and shipping enterprises:
(141) Any income of a foreign enterprise, for the time being approved by the Federal
Government for the purpose of this clause, from the operation of ships and aircraft in
international traffic except where such income is earned from ships and aircraft used
principally to transport passengers and goods exclusively between places in Pakistan:
Provided that exemption under this clause shall not be available to an enterprise of a
country which does not allow similar excretion to a like enterprise of Pakistan.
Explanation.-"Foreign enterprises" means an enterprise which is carried on by a
person who is not resident in Pakistan and the effective management of which is situated
outside Pakistan.
[ (142) to (145) ]
[ (146) and (146A) ]
[ (146B) ]
[ (146C) ]
[ (147) ]
[ (147A) ]
Donations to the Liaquat National Hospital
Association, Karachi:
(147B) Such portion of the total income of an assessee as is paid by him during the
income year as donation to the Liaquat National Hospital Association, Karachi:
Provided that the amount so donated shall be included in computing the total income of the
assessee:
Provided further that the amount by which the tax payable by an assessee is reduced on
account of the exemption under this clause shall be equal to the sum which bears the same
proportion to the sum exempted from tax under this clause as the tax payable on the total
income of the assessee bears to the said total income.
Income of Subsidiary of Islamic Development
Bank:
(148) Any income derived by any subsidiary of the Islamic Development Bank wholly
owned by it and set up in Pakistan and engaged in owning and leasing of tankers.
[ (149) ]
[ (149A) ]
[ (149B), (149C), (149D), (149E),
(149F), (149G), (149H), (149I), (149J), (149K) ]
[ (150) ]
[ (151) ]
[ (151A) ]
[ (151B) ]
[ (151C) ]
(152) Any income derived by
the Libyan Arab Foreign Investment Company being dividend of the Pak-Libya Holding
Company.
(153) Any income derived by the Government of Kingdom of Saudi Arabia being dividend of
the Saudi Pak Industrial and Agricultural Investment Company Limited.
(154) Any income derived by the Pakistan
Council of Scientific and Industrial Research.
(154A) [Omitted]
[ (155) ]
(155A) [Omitted]
[ (155B) ]
[ (155C) ]
[ (155D) ]
[ (156) ]
[ (157) ]
[ (158) ]
[ (159) ]
Income from Monthly Income Savings Account
Scheme of the Directorate of National Savings:
[160]
[ (161) ]
[ (162) ]
[ (163) ]
[ (164), (165), (166) and
(167) ]
[ (167B) ]
(167C) Any amount deemed to be income of
an employee for the purposes of tax on
tax [ ].
Institution of Engineers, Pakistan, Lahore:
(168) Any income derived by the Institution
of Engineers, Pakistan, Lahore.
[ (169) and (169A) ]
[ (170) ]
(171)
(171A) Any amount received on encashment
of any certificate issued in pursuance of the U.S. Dollar Bearer Certificates Rules, 1991 [:]
Provided that exemption under this clause shall not be
available in respect of certificates purchased on or after the 15 June, 1995.
(171B) Any amount received on encashment od social US
Dollar Bond issued under the special US Dollar Bonds Rules, 1998.
[ (172) ]
[ (173) ]
The International Irrigation Management
Institute, Pakistan:
(174) Any income derived by the International Irrigation Management Institute (IIMI),
Pakistan.
[ (175) ]
Private Sector Power Projects:
(176) Profits and gains derived by an assessee from an electric power generation
project set up in Pakistan on or after the 1st day of July, 1988.
The exemption under this clause shall apply to such project which is-
(a) owned and managed by a company formed
for operating the said project and registered under the Companies Ordinance, 1984 (XLVII
of 1984), and having its registered office in Pakistan;
(b) not formed by the splitting up, or the reconstruction or reconstitution, of a business
already in existence or by transfer to a new business of any machinery or plant used in a
business which was being carried on in Pakistan at any time before the commencement of the
new business; and
(c) owned by a company fifty per cent of whose shares are not held by the Federal
Government or Provincial Government or a local authority or which is not controlled by the
Federal Government or a Provincial Government or a local authority [:]
Provided that the condition laid down in
sub-clause (a) shall not apply to the Hub Power Company Limited.
(177) Payments made on or after the first
day of July, 1991, for the supply of plant, equipment and machinery to Hub Power Company
Limited by a non-resident being a foreign individual, company, firm or association of
persons.
[ (177A) ]
(178) [Omitted]
[ -- ]
(179) Income from export of computer
software and its related services developed in Pakistan.
[ (180) ]
[ (181) ]
(182) Any income referred to in Section
3.4 (a) of the Facilitation Agreement between the President of the Islamic Republic of
Pakistan and the assessee purchasing the Kot Addu Power Station from Pakistan Water and
Power Development Authority for a period of ten years from 28th June, 1996; provided,
however, that the exemption under this clause shall only be available subject to the
business of the said assessee being restricted to owing and operating the Kot Addu power
station.
(183) Any amount collected by the Civil
Aviation Authority upto the thirty-first December, 1998, on account of security charges.
(184) Any income of a special purpose vehicle as defined in the
Asset Backed Securitization Rules, 1999 made under the Companies Ordinance, 1984 (XLVII)
of 1984);
Provided that, if there is any income which accrues or arises in the accounts of the
special purpose vehicle, after completion of the process of the securitization, it shall
be returned to the Originator as defined by the said rules within the income year next
following the year in which the income has been determined and such income shall be
taxable in the hands of the Originator;
