020401
GOVERNMENT OF PAKISTAN REVENUE DIVISION
CENTRAL BOARD OF REVENUE
Islamabad, the April 1, 2002
NOTIFICATION
(Income Tax)
S.R.O. 188(I)/2002.—In exercise of the
powers conferred by sub-section (2) of section 14 of the Income Tax Ordinance, 1979 (XXXI
of 1979), the Federal Government is pleased to direct that the following further amendment
shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid Schedule, in Part-II, after clause (13), the following new clause shall
be inserted, namely:-
"(14) In the case of any resident person engaged in the business of shipping, a
presumptive income tax shall be charged in the following manner, namely:-
(a) ships and all floating crafts including tugs, dredgers, survey vessels and other
specialized craft purchased or bare-boat chartered and flying Pakistan flag shall pay
tonnage tax of an amount equivalent to one US$ per gross registered tonnage per annum; and
(b) ships, vessels and all floating crafts including tugs, dredgers, survey vessels and
other specialized craft not registered in Pakistan and hired under any charter other than
bare-boat charter shall pay tonnage tax of an amount equivalent to fifteen US cents per
tonne of gross registered tonnage per chartered voyage provided that such tax shall not
exceed one US$ per tonne of gross registered tonnage per annum.
Provided that the reduction under this clause shall not be available after the 30th
June, 2020.
Explanation.—For the purpose 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."
[C.No.(7A)(II)(IV)E&IC/97]
Sd/-
(VAKIL AHMED KHAN)
Member (Direct Taxes)/Additional Secretary
