000902

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE, ECONOMIC AFFAIRS, STATISTICS AND REVENUE
(REVENUE DIVISION)
Islamabad, the 2nd September, 2000
NOTIFICATION
(WEALTH TAX)

S.R.O. 616(I)/2000:-- In exercise of the powers conferred by sub-section (2) of section 5 of the Wealth Tax Act, 1963 (XV of 1963), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Act, namely:--

In the aforesaid Schedule, in Part-II, after clause (1A), the following new clause shall be inserted, namely:--

"(1B) The provisions of section 18, 31B, 31BBB and 36 shall not apply to an existing assessee for non payment of tax by the due dates under section 14A or 14B or 14C, in respect of any assessment year commencing on or before the first day of July, 1999, where such assessee.

(a) furnishes a revised return of net wealth in respect of the assessment year for which the assessment is pending; or

(b) furnishes a revised return declaring complete particulars and value of any asset which he was unable to declare in his return of wealth tax for any past years and makes a request for the reassessment of his wealth for the relevant years under section 17 on the basis of such revised return; and

(c) furnishes the aforesaid return on or before the 30th September, 2000 and pays the full amount of tax along with the said return;

Provided that nothing in this clause shall apply to cases where any concealment proceedings have already been initiated or the information regarding concealment is in possession of the Deputy Commissioner of Wealth Tax".

[C. NO. 1(5)OT/WT/2000]

(MANSOOR AHMAD)
Member(Direct Taxes)/
Additional Secretary