S.R.O. 690(I)/2008, Islamabad, the 26th June, 2008

SROS: S.R.O. 690(I)/2008, Islamabad, the 26th June, 2008 THE GOVERNMENT OF THE ISLAMIC REPUBLIC OF PAKISTAN AND THE GOVERNMENT OF THE LEBANESE REPUBLIC HAVE EXECUTED A CONVENTION FOR THE AVOIDANCE OF DOUBLE TAXATION. S.R.O. 690(I)/2008, Islamabad, the 26th June, 2008:- WHEREAS the Government of the Islamic Republic of Pakistan and the Government of the Lebanese Republic have executed a Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income on the 31st August 2005, as set out in the Annexure to this notification; NOW, THEREFORE, in exercise of the powers conferred by sub-section(1) of section 107 of the Income Tax Ordinance, 2001(XLIX of 2001), the Federal Government is pleased to direct that the Convention shall enter into force upon the exchange of instruments of ratification and its provisions shall have effect:- (a) In the case of the Islamic Republic of Pakistan- (i) with regard to taxes withheld at source, in respect of amounts paid or credited on or after the first day of July next following the date on which the Convention enters into force; and (ii) with regard to other taxes, for the tax year beginning on or after the first day of July next following the date on which the Convention enters into force and subsequent years. (b) In the case of the Lebanese Republic- (i) in respect of taxes withheld at source, to the income derived on or after the first day of January in the calendar year next following the year in which the Convention enters into force; and (ii) in respect of other taxes, on profit and income derived on or after the first day of January in the calendar year next following the year in which the Convention enters into force. Annexure CONVENTION Between the Lebanese Republic and the Islamic Republic of Pakistan For the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income PREAMBLE The Government of the Lebanese Republic and the Government of the Islamic Republic of Pakistan, desiring to promote and strengthen their economic co-operation by concluding a Convention for the avoidance of double taxation and the prevention of fiscal evasion…