Amendments Second Schedule Said Act, In Part I,-(1) (7), After Sub-Clause (Ii) New Sub-Clause Added,

GOVERNMENT OF PAKISTAN MINISTRY OF FINANCE & ECONOMIC AFFAIRS FINANCE DIVISION CENTRAL BOARD OF REVENUE Islamabad, the 5th August, 1998. N O T I F I C A T I O N WEALTH TAX S.R.O.872(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 amendments shall be made in the Second Schedule to the said Act, namely,- In the aforesaid Schedule, in Part I,- (1) in clause (7), after sub-clause (ii) the following new sub-clause shall be added, namely,- "(iii) represented by Special US Dollar Bonds purchased under the Special US Dollar Bonds Rules, 1998, for the period for which such bonds are held by the original registered owner, and in the case of the subsequent registered owners, for the un-expired period of maturity of such bonds: Provided that any asset created out of the sale proceeds of such bonds by the original registered owner shall also enjoy exemption for an aggregate period of six years reckoned from the year in which these were converted from the Foreign Currency Accounts or deposits and the following five years."; and (2) for clause (8A) the following shall be substituted, namely;- "(8A) Rupee amounts, or assets, created out of withdrawal from foreign currency accounts or encashment of US Dollar Bearer Certificates and Foreign Currency Bearer Certificates on or after the twenty-ninth day of May, 1998, in the year of conversion or creation of assets and the following five years: Provided that where investment in the assets is not made entirely out of the aforesaid accounts and certificates, the exemption shall apply int he same ratio as the said conversion or encashment bears to the total investment.". [C.No.1(30)WT/98.] (MUHAMMAD SARWAR KHAWAJA) Member (Direct Taxes)/ ex-officio Additional Secretary