Amendment Second Schedule Said Act, Rupees Or Assets Created Out Of Withdrawal From Foreign Currency

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE & ECONOMIC AFFAIRS FINANCE DIVISION CENTRAL BOARDOF REVENUE Islamabad, the 5th June, 1998. NOTIFICATION WEALTH TAX S.R.O. 517 (I) / 98.- In exercise of the powers conferred by sub-section (2) of section 5 of the Wealth Tax Act 1963, (XV of 1963), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Act, namely:- In the aforesaid Schedule, in Part I, after clause (8) , the following new clause (8A) shall be inserted, namely :- “(8A) Rupees or assets created out of withdrawal from foreign currency accounts or encashment of U.S. Dollar Bearer Certificates and Foreign Currency Bearer Certificates on any day between twenty ninth August, 1998 (both days inclusive ) in the year in which they are converted or encashed and the following five years: Provided that where investment in the assets is not made entirely out of the above, the exemption shall apply in the same ratio as the above conversion or encashment bears to the total investment.” (MUHAMMAD SARWAR KHAWAJA ) Member (Direct Taxes) Ex-officio Additional Secretary [C.NO. 1 (10) wt /91. Vol.I]