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The First
Schedule
(see section 3 and 13A)
PART-I
RATES OF WEALTH TAX
A. n the case of every individual, Hindu undivided family, firm, association of persons or body or individuals, whether incorporated or not and a company the Wealth Tax shall be charged on the next wealth at the following rates:-
| (i) on the first Rs. 500,000 of net wealth | 0.5% |
| (ii) on the next Rs. 500,000 of net wealth | 1% |
| (iii) on the next Rs. 500,000 of net wealth | 1.5% |
| (iv) on the next Rs. 500,000 of net wealth | 2% |
| (v) on the balance net wealth | 2.5% |
Provided that
(a)no tax shall be payable by an assessee on that portion of his net wealth which does not
exceed Rs. 2,500,000;
(b)if any assessee avails of an option under clause (12) of Part I of the Second Schedule
to have one house owned and occupied for
the purposes of his own residence excluded from his assets, proviso (a) shall not apply;
(c)the tax payable by an assessee shall be set off against unadjusted capital value tax
paid by him, if any, during the year ending on
the valuation date relevant to the assessment year to which the tax payable relates and in
the two years immediately succeeding
that year; and
B. Where an assessee is an individual who is not a citizen of Pakistan and is not resident
in Pakistan, the wealth-tax payable by him in respect of any assessment year computed in
accordance with the rates specified in the First
Schedule shall be reduced by an amount equal to fifty per cent thereof.
C. Where the net wealth of an assessee being an individual or a Hindu undivided family,
includes any assets located outside Pakistan, the wealth-tax payable by the assessee in
respect of any assessment year will be reduced by an amount which bears to the amount of
tax that would have been payable by the assessee if the rates of tax had been reduced to
one-half of the rates specified in the First Schedule, the same
proportion as the value of the assets located outside Pakistan as reduced by the debts
located outside Pakistan bears to the net wealth of the assessee.
PART-II
RATE OF TAX FOR THE PURPOSE OF COLLECTION UNDER SECTION 13A
(i) |
Karachi Metropolitan Corporation. | At the rate |
(ii) |
Lahore Metropolitan Corporation. | of Rs.10/- |
(iii) |
Islamabad Capital Territory. | per square |
(iv) |
Hyderabad municipal Corporation. | yard per annum |
(v) |
Sukkur Municipal Corporation. | |
(vi) |
Quetta Municipal Corporation. | |
(vii) |
Multan Municipal Corporation. | |
(viii) |
Faisalabad Municipal Corporation. | |
(ix) |
Gujranwala municipal Corporation. | |
(x) |
Sialkot Municipal Corporation. | |
(xi) |
Sargodha Municipal Corporation | |
(xii) |
Rawalpindi Municipal Corporation. | |
(xiii) |
Peshawar Municipal Corporation | |
(xiv) |
Capital Development Authority, Islamabad. | |
(xv) |
Peshawar Development Authority, Peshawar | |
(xvi) |
Rawalpindi Development Authority, Rawalpindi | |
(xvii) |
Gujranwala Development Authority, Gujranwala | |
(xviii) |
Faisalabad Development Authority, Faisalabad. | |
(xix) |
Lahore Development Authority, Lahore | |
(xx) |
Multan Development Authority, Multan. | |
(xxi) |
Hyderabad Development Authority, Hyderabad. | |
(xxii) |
Quetta Development Authority, Quetta. | |
(xxiii) |
Karachi Development Authority, Karachi | |
(xxiv) |
Provincial Departments of Physical Planning and Housing Schemes | |
(xxx) |
Lahore Cantonment Co-operative Housing Society, Lahore. | |
(xxvi) |
Improvement Trusts of Local Bodies | |
(xxvii) |
Defence Housing Authority, Karachi. | |
(xxviii) |
Cantonment
Boards: (a) Peshawar; (b) Rawalpindi; (c) Lahore; (d) Multan; (e) Hyderabad; (f) Karachi Division; and (g) Quetta; and |
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| (ii) | in the case of apartments and flats with covered area of 2500 square feet or more located in areas mentioned in sub--paragraph (i) above. | Rs. 2/- per square foot per annum |
C. RATES FOR PURPOSES OF COLLECTION OF TAX
UNDER SECTION 14D
In the case of motor vehicles (not plying for hire) being less than seven years old,--
| (i) engine capacity 1500cc to 2000cc | Rs 10,000 per annum. |
| (ii) engine capacity 20001cc to above | Rs 20,000 per annum. |
Part III
RATES OF SURCHARGE
Where the net wealth or asset held on the valuation date relevant to an assessment year commencing on or after the first day of July, 1998 or thereafter, of an individual, Hindu undivided family, firm, association of persons or body of individuals, whether incorporated or not, and a company, is chargeable to tax in accordance with the rates prescribed in Part-I or paragraph B or paragraph C of Part-II, a surcharge shall be payable at the rate of ten per cent of the wealth tax payable under this Schedule.
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