S.R.O. 122(I)/95, Islamabad, the 19th February, 1995

SROS: S.R.O. 122(I)/95, Islamabad, the 19th February, 1995 S.R.O. 122(I)/95, Islamabad, the 19th February, 1995:- 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 amendments shall be made in the Second Schedule to the said Ordinance, namely: - In the aforesaid Schedule,-- (A) in Part-I,- (a) after clause(11 A), the following new clause shall be inserted, namely:- (77B) Any profit derived by a non-resident, being a foreign individual company, firm or association of persons, in respect of the Islamic mode of financing, including istisna, morabaha and musharika; (b) in clause(176), before sub-clause(b) the following new sub-clause shall be added, namely:- (a) owned and managed by a company formed for…