S.R.O. 1570(I)/2022, Islamabad, the 22nd August, 2022

Amendments shall be made in the Income Tax Rules, 2002 Government of Pakistan Revenue Division Federal Board of Revenue ***** Notification (Income Tax) Islamabad, the 22nd August, 2022 S.R.O. 1570(I)/2022.- In exercise of the powers conferred by sub-section (1) of section 237 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Income Tax Rules, 2002, the same having been previously published vide Notification No. S.R.O. 588(I)/2022, dated the 10th May, 2022, as required by sub-section (3) of the said section 237, namely:- In the aforesaid Rules,- (1) in rule 13N, in sub-rule (23), for clause (dd), the following shall be substituted, namely:- “(dd) where securities of unlisted company are converted into listed form, the cost of acquisition of such securities shall be the face value and the date of acquisition shall be the date of acquisition as available with CDC: Provided that the cost of acquisition of securities in case of securities acquired during book building process and initial public offer (IPO) period shall be the applicable IPO price; and”; (2) in rule 13P, in clause (zb),- (a) in sub-clause (ii), for the word “Capital”, occurring for the first time, the words “The capital” shall be substituted; (b) for sub-clause (iii), the following shall be substituted, namely:- “(iii) Example.- (a) A, being a client of a broker, has 1,000 shares of company ABC in his account. He acquired 1,000 shares on the 1st January, 2013 at Rs. 10 per share when the Company was private/public unlisted company having face value of share of Rs. 10 and transfers the same in electronic form with CDC on 1st February, 2013. ABC company initiated the listing process at stock exchange on…