Export Processing Zones Authority Ordinance

GOVERNMENT OF PAKISTAN (REVENUE DIVISION) CENTRAL BOARD OF REVENUE ***** Islamabad, the 5th September, 2002. NOTIFICATION (Income Tax) S.R.O. 596 (I)/2002,- In exercise of the powers conferred by sub-section(2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the aforesaid Ordinance, namely:- In the aforesaid Schedule, in Part I, after clause (120), the following new clause shall be inserted, namely:- “ (121) Profits and gains derived by an assessee from an Industrial undertaking set up in an area declared by the Federal Government to be a “Zone” within the meaning of the Export Processing Zones Authority Ordinance, 1980 (IV of 1980) for the assessment years 1998-1999,1999-2000 and 2000-2001. However, exemption under this clause shall be restricted to the remaining period of exemption to which a company was entitled before the relevant amendments made by the Finance Act, 1996 (IX of 1996).”. [C.No.1(157)DTP.II/94] (VAKIL AHMAD KHAN) Member (Direct Taxes)/Additional Secretary