S.R.O. 715(I)/2011, Islamabad, the 20th July, 2011

SROS: S.R.O. 715(I)/2011, Islamabad, the 20th July, 2011 AMENDMENT IN INCOME TAX ORDINANCE, 2001 GOVERNMENT OF PAKISTAN REVENUE DIVISION FEDERAL BOARD OF REVENUE ******** Islamabad, the 20th July, 2011. NOTIFICATION (INCOME TAX) S.R.O. 715(I)/2011, Islamabad, the 20th July, 2011:- The draft of following further amendment in the Income Tax Rules, 2002, which the Federal Board of Revenue proposes to make in exercise of the powers conferred by sub-section(1) of section 237 of the Income Tax Ordinance, 2001(XLIX of 2001), is hereby published, as required under sub-section(3) of the said section, 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 suggestion, or objection which may be received from any person, before the expiry of the aforesaid period, shall be considered by the Federal Board of Revenue:- DRAFT AMENDMENTS In the aforesaid Rules,- (a) in rule 13E, after sub-rule(5), the following shall be added:- (6) Profit made on sale of borrowed shares shall be treated as capital gain when such shares are acquired for their return to Authorized Intermediary. Period intervening between acquisitions and disposed of such borrowed shares shall determine the holding period in which the capital gain or loss falls. Specific Identification Method shall be used to determine the acquisition cost and…