Complete Income Tax Law

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132nd update dated March 15, 2018

This update covers:-

-SRO 79(I)/2018, SRO 144(I)/2018, SRO 234(I)/2018, SRO 272(I)/2018 & SRO 279(I)/2018.

The changes are briefly listed as follows:-

Part I – Income Tax Ordinance

1.         On page 496AG, clause (60AA) of the Second Schedule Part IV has been added by SRO 79(I)/2018 dated January 29, 2018. This is re: Exemption for China State Construction Engineering Corporation (M/s CSCEC).

2.         On page 496AU, clause (104) has been added in the Second Schedule Part IV by SRO 234(I)/2018 dated February 13, 2018. This is re: Distribution of dividend on account of an agreement with the Government of Pakistan.

Part II – Income Tax Rules

3.         On pages 34O onwards, Rules 27A to 27Q has been amended by SRO 144(I)/2018 dated February 09, 2018. This is re: Documentation and Country-by-Country reporting requirements.

4.         On pages 65 onwards, Chapter XII - Rules 76 to 76O has been amended by SRO 279(I)/2018 dated March 05, 2018. This is re: Common Reporting Standard.

5.         On pages 69 onwards, Rules 80, 80A & 80B has been amended by SRO 272(I)/2018 dated March 01, 2018. This is re: Taxpayer’s registration.