Income Tax Ordinance, 2001

Chapter- III

TAX ON TAXABLE INCOMEPART VIIEXEMPTIONS AND TAX CONCESSIONS

53A.  Rationalization of rates of withholding taxes in the nature of minimum tax.— (1) The Federal Government may reduce the rate of any of the withholding taxes in the nature of minimum tax as given in First Schedule of this Ordinance, other than minimum tax chargeable under section 113 of this Ordinance, by one percent on the basis of economic viability in cases of persons or class of persons, subject to such restrictions and limitations as the Federal Government may specify. (2) The Federal Government shall place before the National Assembly all amendments made in rates of withholding taxes in the First Schedule, in a financial year under this section.…