CIRCULAR NO. 18 OF 1991 (WEALTH TAX), Islamabad, the 2nd July, 1991

AMENDMENTS IN THE WEALTH TAX ACT, 1963 - CLARIFICATIONS REGARDING GOVERNMENT OF PAKISTAN CENTRAL BOARD OF REVENUE C.No. 1 (3)TP-III/90, Islamabad, the 2nd July, 1991. CIRCULAR NO. 18 OF 1991 (WEALTH TAX) CIRCULAR NO. 18 OF 1991 (WEALTH TAX), Islamabad, the 2nd July, 1991:- Certain amendments have been made in the Wealth Tax Act, 1963 through the Finance Act, 1991. The said amendments are explained as under:- 1. DEFINITION OF ASSETS: I. The definition of assets, liable to Wealth tax, was enlarged through the Wealth Tax (Aamendment) Ordinance, 1980 (Ordinance No.11 of 1980). Accordingly, sub-clause (ii) of clause (e) of section 2 was inserted in the Wealth Tax Act, 1963. The said sub-clause included in the assets, liable to Wealth tax, immovable property held by a firm, an association of persons or a body of individuals, whether incorporated or not, and a company for the purposes of the business of construction and sale, or letting out of property. This amenddment was made effective from the…