Amendments in the Capital Value Tax Rules, 1990.

GOVERNMENT OF PAKISTAN REVENUE DIVISION CENTRAL BOARD OF REVENUE **** Islamabad, the 21st of July, 2005. NOTIFICATION (CAPITAL VALUE TAX) S.R.O. 731(I)/2005.- In exercise of the powers conferred by sub-section (9) of section 7 of the Finance Act, 1989, Central Board of Revenue is pleased to direct that the following further amendments shall be made in the Capital Value Tax Rules, 1990, namely:- In the aforesaid Rules, - (1) in rule 2,- (a) in sub-rule(1),- (i) for clause (v) the following shall be substituted, namely:- “(v) “person” has the same meaning as in section 80 of the Income Tax Ordinance, 2001 (XLIX of 2001);”; (ii) in clause (viii), the word “and”, at the end, shall be omitted; and (iii) in clause (ix), for the full stop, at the end, a semicolon shall be substituted and thereafter the following new clauses shall be added, namely:- “(x) taxation officer” has the same meaning as in clause (65) of section 2 of the Income Tax Ordinance, 2001 (XLIX of 2001); and (xi) “taxpayer” has the same meaning as in clause (66) of section 2 of Income Tax Ordinance, 2001 (XLIX of 2001). (b) in sub rule (2), for the figures, brackets, letters and words “1979 (XXXI of 1979)” the figures, brackets, letters and worlds “2001 (XLIX of 2001)” shall be substituted; (2) in rule 3, - (a) in the marginal heading, after the words “air tickets” the words and comma “or shares, etc.” shall be inserted; (b) in sub-rule (1), the words “or a right to use thereof for more than twenty years from any person” shall be omitted; (3) in rule 4,- (a) sub-rule(1) shall be omitted. (4) in rule 8,- (a) in sub-rule (1),- (i) for the words, comma, figures and brackets “Deputy Commissioner of Wealth Tax appointed under the Wealth Tax Act, 1963 (XV of 1963)” the words, comma, figures and brackets “the Taxation Officer appointed under the Income Tax Ordinance, 2001(XLIX of 2001)” shall be substituted; and (ii) after the word and comma “manufacturer,” “a registered stock exchange” shall be inserted; and (b) in sub-rule (2), the words, commas, figures and brackets, “Wealth Tax Act, 1963 (XV of 1963), and the provision of section 30, 31 and 32 of the said act” shall be substituted with the words, commas, figures and brackets “Income Tax Ordinance, 2001 (XLIX of 2001), and the provisions of section 137, 138, 138A, 140 of the said Ordinance”; (5) for rule 9 of the following shall be substituted, namely:- “9. Application of Income Tax Recovery Rules.- The Income Tax Rules, 2002, shall apply to the recovery of arrears of the Capital Value Tax as they apply to the recovery of the arrears of income tax.”; (6) in rule10,- (a) in sub-rule (1), for the words “Deputy Commissioner” the words “ Taxation Officer” shall be substituted; (b) in sub-rule (2), the words “Deputy Commissioner” the words “Taxation Officer” shall be substituted; ___________________________________________________________________ [C.No. 2(7)/OT)/2005] (Salman Nabi) Member (Direct Taxes) Additional Secretary