Income Tax Ordinance, 2001

CHAPTER-X

PROCEDURE PART VI REFUNDS

From: 2023-07-01 - To: 0000-00-00 1[171A. Payment of refund through income tax refund bonds.- (1) Notwithstanding anything contained in sections 170 and 171, the income tax refunds payable under this Ordinance may also be paid through income tax refund bonds to be issued by FBR Refund Settlement Company Limited, in book-entry form through an establishment licensed by the Securities and Exchange Commission of Pakistan as a central depository under the Securities Act, 2015 (III of 2015), in lieu of payment to be made through issuance of cheques or bank debit advice. (2) The Board shall issue a promissory note to FBR Refund Settlement Company Limited, hereinafter referred to as the company, incorporating the details of refund claimants and the amount of refund determined as payable to each for issuance of income tax refund bonds, hereinafter referred to as the bonds, of the same amount. (3) The bonds shall be issued in values in multiples of one hundred thousand rupees. (4) The bonds so issued shall have a maturity period of three years and shall bear annual simple profit at ten percent. (5) The bonds shall be traded freely in the country’s secondary markets. (6) The bonds shall be approved security for calculating the statutory liquidity reserve. (7) The…