S.R.O. 745(I)/2004, Islamabad, 30th August, 2004

SROS: S.R.O. 745(I)/2004, Islamabad, 30th August, 2004 APPROVAL AND APPOINTMENT OF CERTIFICATION AGENCIES S.R.O. 745(I)/2004, Islamabad, 30th August, 2004:- In exercise of the powers conferred by sub-section(1) of section 237 of the Income Tax Ordinance, 2001(XLIX of 2001), the Central 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 as required by sub-section(3) of the said section. In the aforesaid Rules, after rule 220A, the following new rule shall be inserted, namely: - 220B. Approval and appointment 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 approved independent certification agencies, the procedure given in the following sub-rules shall apply in respect of approval and appointment of such certification agencies. (2) The Chairman, Central Board of Revenue, shall, in his discretion, constitute a Committee for approval and appointment 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 for approval and appointment 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, the following criteria, for approval and appointment of certification agency, namely:- (a) Demonstrated and established eminence, credibility and stature of the governing body of such organization that brings respect and credibility to the organization and its work; (b)…