S.R.O. 947(I)/2008, Islamabad, the September 5, 2008

SROS: S.R.O. 947(I)/2008, Islamabad, the September 5, 2008 THE FEDERAL BOARD OF REVENUE IS PLEASED TO EMPOWER COMMISSIONER OF INCOME TAX CONCERNED IN ACCORDANCE WITH THE PROVISIONS OF CLAUSE(B) OF SUB-SECTION(3) OF SECTION 159 OF THE ORDINANCE. S.R.O. 947(I)/2008, Islamabad, the September 5, 2008:- In exercise of the powers conferred by sub-section(2) of section 148 read with clause(b) of sub-section(3) of section 159 of the Income Tax Ordinance, 2001(XLIX of 2001), hereinafter referred to as the Ordinance and in supersession of its Notification No. SRO.593(I)/91, dated the 30th June, 1991, the Federal Board of Revenue is pleased to specify the following to be classes of persons to whom the provisions of sub-section(1) of section 148 shall not apply, namely:- (i) the Federal Government; (ii) a Provincial Government; (iii) a Local Government; (iv) a foreign company and its associations whose majority share capital is held by a foreign government; (v) a person who imports plant, machinery, fixtures, fittings or its allied equipments for the purposes of setting up an industrial undertaking(including hotels) owned by such person, or for installation of an existing industrial 1undertaking(including hotels) owned by the person and a certificate to that effect from the Commissioner of income tax, in respect of such plant, machinery, fixtures, fittings or equipments is produced. The Commissioner, however, shall issue exemption certificate subject to the following conditions, namely:- (a) in the case of new industrial undertaking, the taxpayer is not likely to pay any tax on his income from business under the Ordinance, in the tax year in which import is made; (b) in the case of existing industrial undertaking, the taxpayer is not likely to pay any tax on income from business under the Ordinance, due to brought…