Income Tax Ordinance, 2001

CHAPTER-VI

SPECIAL INDUSTRIES PART II OIL, NATURAL GAS AND OTHER MINERAL DEPOSITS

From: 2023-07-01 - To: 0000-00-00 100. Special provisions relating to the production of oil and natural gas, and exploration and extraction of other mineral deposits.- (1) Subject to sub-section (2), the profits and gains from - (a) the exploration and production of petroleum including natural gas and from refineries set up at the Dhodak and Bobi fields; (b) the pipeline operations of exploration and production companies; or (c) the manufacture and sale of liquefied petroleum gas or compressed natural gas, and the tax payable thereon shall be computed in accordance with the rules in Part I of the Fifth Schedule. (2) Sub-section (1) shall not apply to the profits and gains attributable to the production of petroleum including natural gas discovered before the 24th day of September, 1954 1[: Provided that the for tax year 2017 and onward the provisions of this sub-section shall not apply on profit and gains derived from sui gas field.] (3) The profits and gains of any business which consists of, or includes, the exploration and extraction of such mineral deposits of a wasting nature (not being petroleum or natural gas) as may be specified in this behalf by the 2[Board with the approval of the Minister-in-charge] carried on by a person in Pakistan shall be computed in accordance with the rules in Part II of the Fifth Schedule. __________________________________________________________________ 1-For the full stop, a colon was substituted and thereafter the proviso was added vide the Finance Act, 2017 (XXVII of 2017) assented on 19th June, 2017 2-For the words “Federal Government” substituted by Finance Act, 2021, dated 30-06-2021 From: 2021-07-01 - To: 2023-06-30 100. Special provisions relating to the production of oil and natural gas, and exploration and extraction of other mineral deposits.- (1) Subject to sub-section (2), the profits and gains from - (a) the exploration and production of petroleum including natural gas and from refineries set up at the Dhodak and Bobi fields; (b) the pipeline operations of exploration and production companies; or (c) the manufacture and sale of liquefied petroleum gas or compressed natural gas, and the tax payable thereon shall…