S.R.O. 351(I)/2004, Islamabad, 26th May, 2004

SROS: S.R.O. 351(I)/2004, Islamabad, 26th May, 2004 AUTHORIZATION OF CERTIFICATION AGENCIES S. R. O. 351(I)/2004, Islamabad, 26th May, 2004:- The following draft amendments in the Income Tax Rules, 2002, proposed to be made in exercise of the powers conferred by section 237 of the Income Tax Ordinance, 2001(XLIV of 2001), is hereby published for the information of all persons likely to be affected thereby, and notice is hereby given that the draft will be taken into consideration after fifteen days of its publication in the official Gazette. 2. Any objection or suggestion, which may be received from any person, in respect of the said draft amendments before the expiry of the aforesaid period, shall be considered by the Central Board of Revenue. DRAFT AMENDMENTS In the aforesaid Rules, after rule 231A, the following new rule shall be inserted, namely: - 231B. Authorization of certification agencies. -(1) Whereas rules 211 to 220A, both inclusive, provide for performance evaluation of non-profit organizations with regard to their aims and objectives during the last three years by authorized independent certification agencies, the procedure given the following sub-rules shall apply in respect of authorization of such certification agencies. (2) The Chairman, Central Board of Revenue, shall, in his discretion, constitute a Committee for authorization of certification agencies, hereinafter referred to as the Committee, comprising of not less than three members. The Chairman, Central Board of Revenue shall also designate a member of the Committee to serve as its Chairman. All nominations to the Committee shall be ex-officio. One third of the membership or two members of the Committee, whichever is larger, shall constitute the quorum for meetings of the Committee. (3) An application from a non-profit organization for authorization as a certification agency shall be placed before the Committee. (4) The Committee shall consider the application on its own merit and decide through a majority vote. The Chairman of the Committee shall caste a vote only in case of a tie. (5) In its deliberations on the application, the Committee shall consider, inter alia, all or some of the…