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    2008 Sro 947

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    Faheem Shaukat
    The notification specifies classes of persons exempted from withholding tax provisions under section 148 of the Income Tax Ordinance of 2001. These include federal, provincial and local governments, foreign companies with majority foreign government shareholding, importers of machinery/equipment for new or existing industrial undertakings if they will not pay income tax, importers of machinery for government contracts, oil companies importing specified fuels and chemicals, and petroleum exploration companies except those importing motor vehicles. The Federal Board of Revenue also authorizes Commissioners to issue exemption certificates electronically on a case-by-case basis for industrial undertaking importers.

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    2008 Sro 947

    Uploaded by

    Faheem Shaukat
    267 views3 pages
    The notification specifies classes of persons exempted from withholding tax provisions under section 148 of the Income Tax Ordinance of 2001. These include federal, provincial and local governments, foreign companies with majority foreign government shareholding, importers of machinery/equipment for new or existing industrial undertakings if they will not pay income tax, importers of machinery for government contracts, oil companies importing specified fuels and chemicals, and petroleum exploration companies except those importing motor vehicles. The Federal Board of Revenue also authorizes Commissioners to issue exemption certificates electronically on a case-by-case basis for industrial undertaking importers.

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    SRo 947 2008

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    The notification specifies classes of persons exempted from withholding tax provisions under section 148 of the Income Tax Ordinance of 2001. These include federal, provincial and local governments, foreign companies with majority foreign government shareholding, importers of machinery/equipment for new or existing industrial undertakings if they will not pay income tax, importers of machinery for government contracts, oil companies importing specified fuels and chemicals, and petroleum exploration companies except those importing motor vehicles. The Federal Board of Revenue also authorizes Commissioners to issue exemption certificates electronically on a case-by-case basis for industrial undertaking importers.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    267 views3 pages

    2008 Sro 947

    Uploaded by

    Faheem Shaukat
    The notification specifies classes of persons exempted from withholding tax provisions under section 148 of the Income Tax Ordinance of 2001. These include federal, provincial and local governments, foreign companies with majority foreign government shareholding, importers of machinery/equipment for new or existing industrial undertakings if they will not pay income tax, importers of machinery for government contracts, oil companies importing specified fuels and chemicals, and petroleum exploration companies except those importing motor vehicles. The Federal Board of Revenue also authorizes Commissioners to issue exemption certificates electronically on a case-by-case basis for industrial undertaking importers.

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    of 3

    GOVERNMENT OF PAKISTAN

    REVENUE DIVISION
    FEDERAL BOARD OF REVENUE
    ****

    Islamabad, the September 5, 2008.

    NOTIFICATION
    (Income Tax)

    S.R.O. 947(I)/2008.- In exercise of the powers conferred by


    sub-section (2) of section 148 read with clause (b) of sub-section (3)
    of section 159 of the Income Tax Ordinance, 2001 (XLIX of 2001),
    hereinafter referred to as the Ordinance and in supersession of its
    Notification No. SRO.593(I)/91, dated the 30th June, 1991, the
    Federal Board of Revenue is pleased to specify the following to be
    classes of persons to whom the provisions of sub-section (1) of
    section 148 shall not apply, namely:-

    (i) the Federal Government;


    (ii) a Provincial Government;
    (iii) a Local Government;
    (iv) a foreign company and its associations whose majority
    share capital is held by a foreign government;
    (v) a person who imports plant, machinery, fixtures, fittings or
    its allied equipments for the purposes of setting up an
    industrial undertaking (including hotels) owned by such
    person, or for installation of an existing industrial

    1
    undertaking (including hotels) owned by the person and a
    certificate to that effect from the Commissioner of income
    tax, in respect of such plant, machinery, fixtures, fittings
    or equipments is produced. The Commissioner, however,
    shall issue exemption certificate subject to the following
    conditions, namely:-
    (a) in the case of new industrial undertaking, the
    taxpayer is not likely to pay any tax on his income
    from business under the Ordinance, in the tax year
    in which import is made;
    (b) in the case of existing industrial undertaking, the
    taxpayer is not likely to pay any tax on income from
    business under the Ordinance, due to brought
    forward assessed losses or depreciation allowance
    in the tax year in which the import is made; and
    (c) in the case of an industrial undertaking or a person
    whose entire income is subject to final taxation
    being covered under sub-section (8) of section 148
    or sub-section (6) of section 153 or sub-section (4)
    of section 154 of the Ordinance and the taxpayer is
    not likely to pay any further tax under the
    Ordinance, in the tax year in which the import is
    made;

    (vi) a person who imports plant and machinery for execution


    of a contract with the Federal Government or a provincial

    2
    government or a local government and produces a
    certificate from that government;

    (vii) companies importing high speed diesel oil, light diesel oil,
    high octane blending component or kerosene oil, crude oil
    for refining and chemical used in refining thereof in
    respect of such imports; and

    (viii) Petroleum (E&P) companies covered under the Customs


    and Sales Tax Notification No. S.R.O.678 (I)/2004, dated
    the 7th August, 2004, except motor vehicles imported by
    such companies.

    2. The Federal Board of Revenue is pleased to empower


    Commissioner of Income Tax concerned in accordance with the
    provisions of clause (b) of sub-section (3) of section 159 of the
    Ordinance to issue system based exemption certificate only (through
    computer) in the cases mentioned at clause (v) above, on case to
    case basis.
    ______________________________________________________
    [No.1(23)WHT/2005-Pt]

    (Irfan Nadeem)
    Member (Direct Taxes)/
    Additional Secretary

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