Text of amended Finance Bill 2018
The following is the text of the amendments (amended Finance Bill 2018) in the Finance Bill 2018:
Islamabad, the 16th May, 2018.
To: The Secretary,
National Assembly of Pakistan,
Islamabad
Sir,
I wish to move the following amendments in the Finance Bill, 2018, namely:-
1. in clause 3,
(a) in paragraph (4), in the new proposed section 25AA, for the word "obtained", the word "available" shall be substituted;
(b) paragraph (5) shall be omitted;
(c) in paragraph (7), for the expression "one hundred and eighty", the expression "one hundred and twenty" shall be substituted;
(d) in paragraph (12),-
(1) in sub-paragraph (a), after the word "column", the expression " (1) and" shall be inserted; and
(2) in sub-paragraph (b), in the new substituted clause 63, in sub-clause (i), in the entry related thereto in column (2), after the word "custodian" the expression "involved in the offence" shall be inserted.
2. in clause 4,-
(a) in paragraph (6), in item No. (2), for the words "set aside", the word "remanded" shall be substituted;
(b) for paragraph (7), the following shall be substituted, namely;-
in section 13, in sub-section (2), in clause (a), for the expression "Board with the approval of the Federal Minister-in-charge may pursuant to the approval of the Economic Coordination Committee of the Cabinet" the expression "Federal Government may" shall be substituted;
(c) in paragraph (9), for the word "appoint", the word "post" shall be substituted;
(d) in paragraph (12), section 47A shall be substituted, namely:-
"47A. Alternative dispute resolution.-(1) Notwithstanding any other provision of this Act, or the rules made thereunder, an aggrieved person in connection with any dispute pertaining to-
(a) the liability of tax against the aggrieved person, or admissibility of refunds, as the case may be;
(b) the extent of waiver of default surcharge and penalty; or
(c) any other specific relief required to resolve the dispute,
may apply to the Board for the appointment of a Committee for the resolution of any hardship or dispute mentioned in detail in the application, which is under litigation in any Court of Law or an Appellate Authority, except where criminal proceedings have been initiated or where interpretation of question of law is involved having effect on other cases.
(2) The Board may, after examination of the application of an aggrieved person, appoint a Committee, within sixty days of receipt of such application in the Board, comprising,-
(i) an officer of Inland Revenue not below the rank of a Commissioner;
(ii) a person to be nominated by the taxpayer from a panel notified by the Board comprising:
(a) senior chartered accountants and senior advocates having experience in the field of taxation; and
(b) reputable businessmen as nominated by Chambers of Commerce and Industry; and
(iii) a retired Judge not below the rank of District and Sessions Judge, to be nominated through consensus by the members appointed under (i) and (ii) above.
(3) The aggrieved person, or the Commissioner, or both, as the case may be, shall withdraw the appeal pending before any Court of Law or an Appellate Authority, after constitution of the Committee by the Board under sub-section (2).
(4) The Committee shall not commence the proceedings under sub-section (5) unless the order of withdrawal by the Court of Law or an Appellate Authority is communicated to the Board:
Provided that if the order of withdrawal is not communicated within seventy five days of the appointment of the Committee, the said Committee shall be dissolved and provisions of this section shall not apply.
(5) The Committee appointed under sub-section (2) shall examine the issue and may, if it deems necessary, conduct inquiry, seek expert opinion, direct any officer of the Inland Revenue or any other person to conduct an audit and shall decide the dispute by majority, within one hundred and twenty days of its appointment:
Provided that in computing the aforesaid period of one hundred and twenty days, the period, if any, for communicating the order of withdrawal under sub-section (4) shall be excluded.
(6) The recovery of tax payable by a taxpayer in connection with any dispute for which a Committee has been appointed under sub-section (2) shall be deemed to have been stayed on withdrawal of appeal upto the date of decision by the Committee.
(7) The decision of the committee under sub-section (5) shall be binding on the Commissioner and the aggrieved person.
(8) If the Committee fails to decide within the period of one hundred and twenty days under sub-section (5), the Board shall dissolve the Committee by an order in writing and the matter shall be decided by the Court of Law or the Appellate Authority which issued the order of withdrawal under sub-section (4) and the appeal shall be treated to be pending before such a Court of Law or the Appellate Authority as if the appeal had never been withdrawn.
(9) The Board shall communicate the order of dissolution to the Court of Law or the Appellate Authority and the Commissioner.
(10) The aggrieved person, on receipt of the order of dissolution, shall communicate it to the Court of Law or the Appellate Authority which shall decide the appeal within six months of the communication of said order.
(11) The aggrieved person may make the payment of sales tax and other taxes as decided by the Committee under sub-section (5) and all decisions, orders and judgments made or passed shall stand modified to that extent.
(12) The Board may prescribe the amount to be paid as remuneration for the services of the members of the Committee, other than the member appointed under clause (i) of sub-section (2).
(13) The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section."
(e) in paragraph (20),-
(1) in item number (A),
(a) in serial number. 145,-
(i) for the word "Notification" wherever appearing, the words "serial number" shall be substituted;
(ii) for the words "customs duties" wherever appearing, the words "sales tax" shall be substituted;
(iii) in condition (x) for the word "payable" the word "payment" shall be substituted;
(b) in serial number. 146,-
(i) the expression "whether are not locally manufactured," shall be omitted;
(ii) the word "Notification" wherever appearing shall be substituted with the words "serial number.";
(iii) in condition (d) after the word "dispute" appearing for the second time, the full stop shall be omitted and thereafter the expression "Disputes regarding the local manufacturing only shall be resolved through the Engineering Development Board of the Federal Government" shall be omitted;
(c) in serial number 148, full stop at the end shall be omitted and after the word "rupees", the expression "including the benefit of exemption from duties and taxes availed before 30th June, 2018 under the provisions of the Sales Tax Act, 1990, the Customs Act, 1969, the Federal Excise Act, 2005 and the Income Tax Ordinance, 2001 and Notifications issued thereunder" shall be added;
(d) after serial number 148, a new serial number and entries relating thereto in columns (2) and (3) shall be inserted namely;
===================================================
"149 Micro feeder equipment 8437.8000.";
===================================================
(2) in item number (B),-
(a) in Annex-A,-
(i) for the expression "Notification No. S.R.O.______ dated the ______", the expression "serial number 145 or serial number 148 of this table, as the case may be" shall be substituted;
(ii) for the word "Notification" wherever appearing the expression "serial number 145 or serial number 148 of this table, as the case may be" shall be substituted;
(iii) for the words "customs-duties" wherever appearing, the words "sales tax" shall be substituted;
(b) in Annex-B, for the expression "this Notification" the expression "serial number 145" shall be substituted;
(c) In Annex-C,-
(i) for the expression "Notification No. S.R.O.______ dated the ______", the expression "serial number 146" shall be substituted;
(ii) for the word "Notification", wherever appearing the word "serial number 146" shall be substituted;
(f) in table 2, after serial number 22, a new serial number and entries relating thereto in column numbers 2 and 3 shall be inserted namely:-
===================================================
"23. Match boxes Respective headings.";
===================================================
(g) in paragraph (21),-
(1) in item number (A), in sub-paragraph (i), in the table,-
(a) against serial number 50,-
(i) in column (2) for the expression "LNG" the expression "LNG/RLNG" shall be substituted;
(ii) in column (5), for the expression "If imported by M/s Pakistan State Oil and M/s Pakistan LNG Limited" the expression "import thereof" shall be substituted;
(b) against serial number 51, in column (5), for the expression "if supplied by M/s Pakistan State Oil and M/s Pakistan LNG Limited to M/s SNGPL", the expression "supply thereof" shall be substituted;
(c) against serial number 52, in column (4), for the figure "3", the figure "2" shall be substituted;
(d) after serial number 54, the following new serial numbers and entries relating thereto in columns (2), (3), (4) and (5) shall be added, namely:-
=======================================================================
"55 Fish Respective 5% Nil
babies/se headings
Edlings
56 Potassium Respective 17% Import and
Chlorate headings alongwith supply thereof.
(KCLO3) rupees 40 Provided that
per rate of rupees
kilogram 40 per kilogram
shall not apply
on imports made
by and supplies
made to
organizations
under the
control of
Ministry of
Defence
Production.
57 Rock Respective 10% If imported by
phosphate headings fertilizer
manufacturers
for use in the
manufacturing
of
fertilizers."
=======================================================================
3. after clause 4, the following clause shall be inserted, namely:-
"4A. Amendments of the Protection of Economic Reforms Act, 1992 (XII of 1992).-In the Protection of Economic Reforms Act, 1992 (XII of 1992), the following further amendments shall be made, namely,-
(1) for section 3, the following shall be substituted, namely:-
"3. Act to override other laws.-This Act shall have effect notwithstanding anything contained in the Foreign Currency Accounts (Protection) Ordinance, 2001 (L of 2001).".
(2) in section 4,-
(a) in sub-section (1), the words "and shall not be required to make a foreign currency declaration at any stage nor shall any one be questioned in regard to the same", shall be omitted; and
(b) in sub-section (2),
(i) in clause (f),-
a. after the word "dealer" the expression ", money changer or exchange company" shall be inserted; and
b. for the full-stop at the end a semicolon shall be substituted; and
(ii) after clause (f), the following new clause shall be inserted, namely:-
" (g) cross border or inland movement of foreign currencies in cash exceeding US$ 10,000 or equivalent subject to such annual ceiling as may be prescribed by the State Bank of Pakistan." ; and
(3) in section 5,
(a) in sub-section (3), after the word "accounts" the words "except as otherwise required under the Foreign Exchange Regulation Act, 1947 (VII of 1947) or the Income Tax Ordinance, 2001 (XLIX of 2001)" shall be inserted; and
(b) in sub-section (4), for the full stop at the end, a colon shall be substituted and thereafter the following provisos, shall be added, namely:-
"Provided that no cash shall be deposited in an account of a citizen of Pakistan, resident in Pakistan, unless the account holder is a filer as defined in the Income Tax Ordinance, 2001 (XLIX of 2001):
Provided further that the Federal Government may make rules governing deposits in and withdrawals from the foreign currency accounts.".
4. in clause 5,-
(a) in paragraph (1), in sub-paragraph (D), in clause (a), in the substituted paragraph (i), for the words "has and habitually plays" the words "habitually concludes contracts or habitually plays" shall be substituted;
(b) in paragraph (9), after the word "Government" the word "may" shall be inserted;
(c) in paragraph (20), in the proposed section 101A, ,-
(a) in sub-section (8), for the words "fifteen percent" the words "ten percent of the fair market value of the asset" shall be substituted;
(b) in sub-section (10), the words "to be deducted under sub-section (8) or" shall be omitted; and
(c) after sub-section (11), the following new sub-section shall be added, namely:-
" (12) Where any gain is taxable under this section and also under any other provision of this Ordinance, the said gain shall be taxable under other provision of the Ordinance."
(d) in paragraph (23), in sub-paragraph (a), in the newly proposed clause (d), for the word "to" the expression ", from tax year 2018 and onwards," shall be substituted;
(e) in paragraph (24), in the proposed section 109A,-
(a) in sub-section (4), after the word "taxpayer" the words "and shall be taxed at the rate specified in Division III of Part I of the First Schedule" shall be inserted;
(b) after sub-section (10), the following new sub-section shall be added, namely:-
" (11) Where tax has been paid by the resident person on the income attributable to controlled foreign company and in a subsequent tax year the resident person receives dividend distributed by the controlled foreign company, after deduction of tax on dividend, the resident person shall be allowed a tax credit equal to the lesser of,-
(i) foreign tax paid, as defined in sub-section (8) of section 103, on dividends; and
(ii) Pakistan tax payable, as defined in section 103, for the tax year in which the dividend is received by the resident taxpayer.";
(f) in paragraph (25), in sub-paragraph (a), in the substituted sub-section (2), in the Explanation,
(i) for the words "in respect of assets or expenditure situated or incurred outside Pakistan" the words "is acquired or incurred outside Pakistan in a prior tax year and is" shall be substituted; and
(ii) for the words "immediately preceding tax year in which the asset or expenditure was discovered by the Commissioner" the words "in which the amount chargeable to tax is to be included" shall be substituted;
(g) for paragraph (31), the following shall be substituted, namely,-
" (31) for section 134A, the following shall be substituted, namely:-
"134A. Alternative Dispute Resolution.-
(1) Notwithstanding any other provision of this Ordinance, or the rules made thereunder, an aggrieved person in connection with any dispute pertaining to-
(a) the liability of tax against the aggrieved person, or admissibility of refunds, as the case may be;
(b) the extent of waiver of default surcharge and penalty; or
(c) any other specific relief required to resolve the dispute,
may apply to the Board for the appointment of a committee for the resolution of any hardship or dispute mentioned in detail in the application, which is under litigation in any court of law or an Appellate Authority, except where criminal proceedings have been initiated or where interpretation of question of law is involved having effect on other cases.
(2) The Board may, after examination of the application of an aggrieved person, appoint a committee, within sixty days of receipt of such application in the Board, comprising,-
(i) an officer of Inland Revenue not below the rank of a Commissioner;
(ii) person to be nominated by the taxpayer from a panel notified by the Board comprising:
(a) senior chartered accountants and senior advocates having experience in the field of taxation; and
(b) reputable businessmen as nominated by Chambers of Commerce and Industry:
Provided that the taxpayer shall not nominate a Chartered Accountant or an advocate if the said Chartered Accountant or the advocate is or has been an auditor or an authorized representative of the taxpayer; and
(iii) a retired Judge not below the rank of District and Sessions Judge, to be nominated through consensus by the members appointed under (i) and (ii) above.
(3) The aggrieved person, or the Commissioner, or both, as the case may be, shall withdraw the appeal pending before any court of law or an Appellate Authority, after constitution of the committee by the Board under sub-section (2).
(4) The committee shall not commence the proceedings under sub-section (5) unless the order of withdrawal by the court of law or the Appellate Authority is communicated to the Board:
Provided that if the order of withdrawal is not communicated within seventy five days of the appointment of the committee, the said committee shall be dissolved and provisions of this section shall not apply.
(5) The Committee appointed under sub-section (2) shall examine the issue and may, if it deems necessary, conduct inquiry, seek expert opinion, direct any officer of the Inland Revenue or any other person to conduct an audit and shall decide the dispute by majority, within one hundred and twenty days of its appointment:
Provided that in computing the aforesaid period of one hundred and twenty days, the period, if any, for communicating the order of withdrawal under sub-section (4) shall be excluded.
(6) The recovery of tax payable by a taxpayer in connection with any dispute for which a Committee has been appointed under sub-section (2) shall be deemed to have been stayed on withdrawal of appeal up to the date of decision by the Committee.
(7) The decision of the committee under sub-section (5) shall be binding on the Commissioner and the aggrieved person.
(8) If the Committee fails to decide within the period of one hundred and twenty days under sub-section (5), the Board shall dissolve the committee by an order in writing and the matter shall be decided by the court of law or the Appellate Authority which issued the order of withdrawal under sub-section (4) and the appeal shall be treated to be pending before such court of law or the Appellate Authority as if the appeal had never been withdrawn.
(9) The Board shall communicate the order of dissolution to the court of law or the Appellate Authority and the Commissioner.
(10) The aggrieved person, on receipt of the order of dissolution, shall communicate it to the court of law or the Appellate Authority, which shall decide the appeal within six months of the communication of said order.
(11) The aggrieved person may make the payment of income tax and other taxes as decided by the committee under sub-section (5) and all decisions, orders and judgments made or passed shall stand modified to that extent.
(12) The Board may prescribe the amount to be paid as remuneration for the services of the members of the Committee, other than the member appointed under clause (i) of sub-section (2).
(13) The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section.";
(h) in paragraph (34), in sub-paragraph (c),-
(i) clause (i) shall be omitted
(ii) in the second proviso, after the word "where" the words "the Commissioner is not satisfied with the documentary evidence provided or where" shall be inserted;
(i) in paragraph (35),-
(a) sub-paragraph (i) shall be re-numbered as (ii) and a new sub-paragraph (i) shall be inserted, namely:-
" (i) in sub-section (2A), after the word "unless" the words "amended or" shall be inserted;
(b) in sub-paragraph (ii), re-numbered as aforesaid, in clause (a), for the semicolon at the end a colon shall be substituted and thereafter the following proviso shall be added, namely:-
"Provided that the minimum tax payable under this clause shall be five percent of the import value as increased by customs duty, sales tax and federal excise duty;";
(j) in paragraph (41), for sub-paragraph (a), the following shall be substituted, namely:-
" (a) against S. No. (1A), for the entry in column (3), the expression "Such person shall pay a penalty of Rs 5000 if the person had already paid the tax collected or withheld by him within the due date for payment and the statement is filed within ninety days from the due date for filing the statement and, in all other cases, a penalty of Rs 2500 for each day of default from the due date subject to a minimum penalty of Rs 10,000." shall be substituted;";
(k) in paragraph (42), in the newly introduced section 182A, after clause (a), the following Explanation shall be added, namely:-
"Explanation.-For the removal of doubt it is clarified that the provisions of this section shall apply from tax year 2018 and onwards for which the first Active Taxpayers List is to be issued on first day of March, 2019 under Income Tax Rules, 2002.";
(l) in paragraph (47),-
(i) in sub-paragraph (a), after the word "for" occurring for the second time, the word "first" shall be inserted; and
(ii) in sub-paragraph (b),-
(a) for the word "from" the word "to" shall be substituted; and
(b) after the word "property" the expression ", exceeding five million rupees," shall be inserted;
(m) after paragraph (50), the following new paragraph shall be inserted, namely:-
" (50A) in section 236I, in sub-section (3), after the word "person" the words "on an amount which is paid by way of scholarship or" shall be inserted;";
(n) in paragraph (56),-
(i) in sub-paragraph (A),-
(a) in item (i), in the proposed substituted Division I, in clause (1), after the Table, the following new proviso shall be added, namely:-
"Provided that where the taxable income exceeds eight hundred thousand rupees the minimum tax payable shall be two thousand rupees.";
(b) for item (ii), the following shall be substituted, namely:-
" (ii) in Division II,-
(a) In paragraph (i), in the third proviso, for the word "onwards" the following shall be substituted, namely:-
"thereafter as set out in the following Table, namely:-
TABLE
=================================
Tax Year Rate of Tax
=================================
2019 29%
2020 28%
2021 27%
2022 26%
2023 and onwards 25%
=================================
(b) in paragraph (iii), a proviso shall be added, namely:-
"Provided that for tax year 2019 and onwards tax rates shall be as set out in the following Table, namely:-
=================================
Tax Year Rate of Tax
=================================
2019 24%
2020 23%
2021 22%
2022 21%
2023 and onwards 20%";
=================================
(c) in item (iii),-
(i) in the Table, in column (1), against serial number 1,-
(a) in column (3), for the figures "4%" the figures "0%" shall be substituted;
(b) in column (4), for the figures "3%" the figures "4%" shall be substituted;
(c) in column (5), for the figures "2%" the figures "3%" shall be substituted; and
(d) in column (6), for the figures "0%" the figures "2%" shall be substituted;
(ii) after the Table, the following proviso shall be added, namely:-
"Provided that in case of a banking company, super tax for tax year 2019 shall be payable, on estimate basis, by thirtieth day of June, 2018."
(d) after item (iii), the following new item shall be inserted, namely:-
" (iiia) in Division III,-
(a) in the second proviso, for the figure "25" the figure "15" shall be substituted; and
(b) in the third proviso, for the figure "2018" occurring for the first time, the figure "2020" shall be substituted and for the expression "thirtieth day of June, 2018" occurring for the second time the words "the date of setting up of the said Scheme" shall be substituted;
(ii) for sub-paragraph (B), the following shall be substituted, namely:-
" (B) in Part II, in the Table,-
(i) against S. No. 1, in column 2, for entry no. (vii), the following shall be substituted, namely:-
"Persons importing LNG"; and
(ii) in column (1), after S. No. 3 and entries relating thereto in columns (2), (3) and (4), the following new serial number and entries relating thereto shall be inserted, namely:-
=================================
"3A Persons 4% 6%"
importing
coal
=================================
(iii) in sub-paragraph (C), for clause (i), the following shall be substituted, namely:-
" (i) in Division I,-
(a) in the Table, in column (1), against the entry "company", in column (3), for the figure "25" the figure"15" shall be substituted;
(b) in the third proviso, for the figure "2018" occurring for the first time, the figure "2020" shall be substituted and for the expression "thirtieth day of June, 2018" occurring for the second time the words "the date of setting up of the said Scheme" shall be substituted;
(c) in the fourth proviso, for full stop at the end a colon shall be inserted and thereafter the following new proviso shall be added, namely,-
"Provided also that the rate of tax on dividend received by an individual, from a Rental REIT Scheme shall be 7.5%";
(o) in paragraph (57),-
(i) in sub-paragraph (A),-
(a) in item (iii), after the proposed sub-clause (Iii), the following new sub-clause shall be added, namely:-
" (Iiii) Sardar Trust Eye Hospital, Lahore."
(b) in item (iv), in sub-item b, after the newly proposed sub-clause (lvi), the following new sub-clauses shall be added, namely:-
" (lvii) Habib University Foundation.
(lviii) Begum Akhtar Rukhsana Memorial Trust Hospital.
(lix) Al-Khidmat Foundation.
(lx) Dawat-e-Islami Trust
(Ixi) Sardar Trust Eye Hospital, Lahore.";
(b) after item (ix), the following new item shall be added, namely:-
" (x) in clause (133), for the figure "2019" the figure "2025" shall be substituted;"
(ii) in sub-paragraph (C), in item (b),-
(a) in the newly proposed clause (8), for the word "fifty" the word "seventy" shall be substituted;
(b) after the newly proposed clause (8), amended as aforesaid the following new clause shall be added, namely:-
" (9) The tax payable on profits and gains derived by a person from low cost housing projects shall be reduced by fifty percent. The reduction in tax liability under this clause shall apply to such project which is-
(a) owned and managed by a company formed for operating the said project and registered under the Companies Act, 2017 (XIX of 2017) and having its registered office in Pakistan; and
(b) not formed by the splitting up, or the reconstruction or reconstitution, of a business already in existence or by transfer to a new business of any machinery or plant used in a business which was being carried on in Pakistan at any time before the commencement of the new business;
(c) a low cost housing project under which the maximum sale price of a single housing unit is two and a half million rupees."
(p) in paragraph (58), after sub-paragraph (a), the following new sub-paragraph shall be inserted, namely:-
" (aa) in rule (5), in sub-rule (1),-
(i) the word "equal" shall be omitted;
(ii) the expression "except sub-sections (4A) and (6)" shall be omitted;";
5. in clause 6,
(a) in paragraph (3), in item No. (2), for the words "set aside", the word "remanded" shall be substituted;
(b) for paragraph (4), the following shall be substituted namely;-
in section 16, in sub-section (2), for the expression "Board with the approval of the Federal Minister-in-charge may, pursuant to the approval to the Economic Coordination Committee of the Cabinet" the expression "Federal Government may" shall be substituted;
(c) in paragraph 7, section 38 shall be substituted, namely:-
"38. Alternative dispute resolution.-(1) Notwithstanding any other provision of this Act, or the rules made thereunder, an aggrieved person in connection with any dispute pertaining to-
(a) the liability of duty against the aggrieved person, or admissibility of refunds, as the case may be;
(b) the extent of waiver of default surcharge and penalty; or
(c) any other specific relief required to resolve the dispute,
may apply to the Board for the appointment of a Committee for the resolution of any hardship or dispute mentioned in detail in the application, which is under litigation in any Court of Law or an Appellate Authority, except where criminal proceedings have been initiated or where interpretation of question of law is involved having effect on other cases.
(2) The Board may, after examination of the application of an aggrieved person, appoint a Committee, within sixty days of receipt of such application in the Board, comprising,-
(i) an officer of Inland Revenue not below the rank of a Commissioner;
(ii) a person to be nominated by the taxpayer from a panel notified by the Board comprising:
(a) senior chartered accountants and senior advocates having experience in the field of taxation; and
(b) reputable businessmen as nominated by Chambers of Commerce and Industry; and
(iii) a retired Judge not below the rank of District and Sessions Judge, to be nominated through consensus by the members appointed under (i) and (ii) above.
(3) The aggrieved person, or the Commissioner, or both, as the case may be, shall withdraw the appeal pending before any Court of Law or an Appellate Authority, after constitution of the Committee by the Board under sub-section (2).
(4) The Committee shall not commence the proceedings under sub-section (5) unless the order of withdrawal by the Court of Law or an Appellate Authority is communicated to the Board:
Provided that if the order of withdrawal is not communicated within seventy five days of the appointment of the Committee, the said Committee shall be dissolved and provisions of this section shall not apply.
(5) The Committee appointed under sub-section (2) shall examine the issue and may, if it deems necessary, conduct inquiry, seek expert opinion, direct any officer of the Inland Revenue or any other person to conduct an audit and shall decide the dispute by majority, within one hundred and twenty days of its appointment:
Provided that in computing the aforesaid period of one hundred and twenty days, the period, if any, for communicating the order of withdrawal under sub-section (4) shall be excluded.
(6) The recovery of duty payable by a taxpayer in connection with any dispute for which a Committee has been appointed under sub-section (2) shall be deemed to have been stayed on withdrawal of appeal upto the date of decision by the Committee.
(7) The decision of the committee under sub-section (5) shall be binding on the Commissioner and the aggrieved person.
(8) If the Committee fails to decide within the period of one hundred and twenty days under sub-section (5), the Board shall dissolve the Committee by an order in writing and the matter shall be decided by the Court of Law or the Appellate Authority which issued the order of withdrawal under sub-section (4) and the appeal shall be treated to be pending before such a Court of Law or the Appellate Authority as if the appeal had never been withdrawn.
(9) The Board shall communicate the order of dissolution to the Court of Law or the Appellate Authority and the Commissioner.
(10) The aggrieved person, on receipt of the order of dissolution, shall communicate it to the Court of Law or the Appellate Authority which shall decide the appeal within six months of the communication of said order.
(11) The aggrieved person may make the payment of federal excise duty and other taxes as decided by the Committee under sub-section (5) and all decisions, orders and judgments made or passed shall stand modified to that extent.
(12) The Board may prescribe the amount to be paid as remuneration for the services of the members of the Committee, other than the member appointed under clause (i) of sub-section (2).
(13) The Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section."
(d) in paragraph (11), in item (a), in the table, in column (4),-
(i) against serial number 9, for the words "three thousand nine hundred and sixty four", the words "three thousand nine hundred and seventy" shall be substituted;
(ii) against serial number 10, for the words "one thousand seven hundred and seventy", the words "one thousand seven hundred and seventy six" shall be substituted; and
(iii) against serial number 10a, for the words "eight hundred and forty eight", the words "eight hundred and fifty four" shall be substituted;
(e) in paragraph (11), after amendments relating to Table-I of First Schedule, the amendments in Table-II of the First Schedule shall be made namely;-
in table-II, against serial number 3, in sub-serial (a) (i), in column (4) for the words "two thousand and five hundred", the words "two thousand" shall be substituted;
(f) in paragraph (12), in item (a), in serial number 22,-
(i) the expression "whether or not locally manufactured," shall be omitted;
(ii) the word "Notification" wherever appearing shall be substituted with the words "serial number";
(iii) in condition (d) after the word "dispute" appearing for the second time, the full stop shall be omitted and thereafter the expression "Disputes regarding the local manufacturing only shall be resolved through the Engineering Development Board of the Federal Government" shall be omitted;
(iv) in Annex-A,-
(a) for the expression "Notification No. S.R.O.______ dated the ______", the expression "serial number 22 of this table" shall be substituted;
(b) for the word "Notification" wherever appearing the words "serial number" shall be substituted;
(c) for the words "customs-duties" wherever appearing the words "federal excise duty" shall be substituted;
(g) clause relating to "Health Levy on tobacco" shall be omitted;
(h) clause relating to "Mobile handset levy" shall be numbered as clause 9 of the Finance Bill;
6. after clause 6, the following two clauses shall be inserted, namely:-
"7. Foreign Assets (Declaration and Repatriation) Act, 2018.-There is hereby enacted Foreign Assets (Declaration and Repatriation) Act, 2018, for the purposes herein after appearing;
AN ACT
to provide for declaration and repatriation of assets and income held outside Pakistan
WHEREAS there is a large scale non-reporting and under-reporting of assets and income held outside Pakistan;
AND WHEREAS it is expedient to provide for declaration and repatriation of assets and income held outside Pakistan for the purposes hereinafter appearing;
It is hereby enacted as follows:-
1. Short title and commencement.-(1)This Act may be called the Foreign Assets (Declaration and Repatriation) Act, 2018.
(2) It shall come into force at once.
2. Definitions.-In this Act, unless there is anything repugnant in the subject or context,-
(a) "cost of acquisition of the mortgaged asset" means the sum of mortgaged payments and other mortgaged cost of acquisition;
(b) "court of law" means an Appellate Tribunal, a High Court or Supreme Court of Pakistan;
(c) "declarant" means a person making a declaration under section 5;
(d) "fair market value" means price of foreign asset determined and declared by a declarant himself, but in no case is less than the cost of acquisition of the foreign assets;
(e) "foreign assets" means any movable or immovable assets held outside Pakistan and includes real estate, mortgaged assets, stock and shares, bank accounts, bullion, cash, jewels, paintings, accounts and loan receivables, beneficial ownership or beneficial interests or contribution in offshore entities and trusts;
(f) "government security" means a bond, note or other debt instrument issued by the Federal Government with a promise of repayment upon maturity;
(g) "liquid assets" means cash or an asset that can be readily converted into cash with a minimal impact on the assets' value and includes bank notes, marketable securities, stocks, promissory notes, government bonds, deposit certificates and other similar instruments; and
(h) "holder of public office" means a person who is or has been, during the preceding ten years,-
(i) the President of the Islamic Republic of Pakistan or the Governor of a Province;
(ii) the Prime Minister, Chairman Senate, Speaker of the National Assembly, Deputy Chairman Senate, Deputy Speaker National Assembly, Federal Minister, Minister of State, Attorney-General for Pakistan and other Law Officers appointed under the Central Law Officers Ordinance, 1970 (VII of 1970), Adviser or Consultant or Special Assistant to the Prime Minister and holds or has held a post or office with the rank or status of a Federal Minister or Minister of State, Federal Parliamentary Secretary, Member of Parliament, Auditor-General of Pakistan, Political Secretary;
(iii) the Chief Minister, Speaker Provincial Assembly, Deputy Speaker Provincial Assembly, Provincial Minister, Adviser or Consultant or Special Assistant to the Chief Minister and who holds or has held a post or office with the rank or status of a Provincial Minister, Provincial Parliamentary Secretary, Member of the Provincial Assembly, Advocate-General for a Province including Additional Advocate-General and Assistant Advocate-General, Political Secretary;
(iv) the Chief Justice or, as the case may be, a Judge of the Supreme Court, Federal Shariat Court, a High Court or a Judicial Officer whether exercising judicial or other functions or Chairman or member of a Law Commission, Chairman or Member of the Council of Islamic Ideology;
(v) holding an office or post in the service of Pakistan or any service in connection with the affairs of the Federation or of a Province or of a local council constituted under any Federal or Provincial law relating to the constitution of local councils, co-operative societies or in the management of corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization established, controlled or administered by or under the Federal Government or a Provincial Government or a civilian employee of the Armed Forces of Pakistan:
Provided that a member of the Board, not actively engaged in the business and day-today affairs of the said corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization shall not be treated as holder of public office under this sub-clause;
(vi) the Chairman or Mayor or Vice Chairman or Deputy Mayor of a zila council, a municipal committee, a municipal corporation or a metropolitan corporation constituted under any Federal or Provincial law relating to local councils;
Explanation.-For the purpose of this sub-clause the expressions "Chairman" and "Vice Chairman" shall include "Mayor" and "Deputy Mayor" as the case may be, and the respective councilors therein; and
(vii) a District Nazim or District NaibNazim, Tehsil Nazim or Tehsil NaibNazim or UnionNazim or Union NaibNazim;
(2) All other words and expressions used but not defined in this Act shall have the same meaning assigned to them under the Income Tax Ordinance, 2001 (XLIX of 2001) and the rules made thereunder.
3. Act to override other laws.-The provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force.
4. Application.-The provisions of this Act shall apply to-
(a) all citizens of Pakistan wherever they may be, except holders of public office, their spouses and dependent children; and
(b) all foreign assets held by the persons mentioned in clause (a) and tax paid on the value of such assets under section 8, except where proceedings are pending in any court of law in respect of the foreign assets.
(2) The provisions of this Act shall not apply to any proceeds or assets that are involved in or derived from the commission of a criminal offence.
5. Declaration and repatriation of assets held outside Pakistan.-(1)Subject to the provisions of this Act, any person may make to the Federal Board of Revenue, by the due date specified in section 6, a declaration in respect of foreign assets acquired before the tenth day of April, 2018.
(2) The value of a foreign asset shall be fair market value as defined in section 2.
(3) The declaration of value and tax paid in respect of the foreign assets shall be in the manner as set out in Form A of the Schedule to this Act.
(4) The description of the foreign assets declared under sub-section (1) and (3) shall be in the manner as set out in Form B of the Schedule to this Act.
(5) A person declaring foreign assets under sub-section (1), may by the due date as specified in section 6 also repatriate the said foreign assets in Pakistan.
(6) The declaration of foreign assets shall be made in the manner as set out in Form A of the Schedule to this Act, electronically on Federal Board of Revenue's web portal and shall be valid only if it is accompanied by the evidence of payment of tax. The declarant may be required to provide additional item-wise details of such assets while filing declaration on Federal Board of Revenue's web portal.
6. Period of applicability.-The declaration and repatriation under section 5 shall be made on or after the tenth day of April, 2018 but on or before the thirtieth day of June, 2018.
7. Charge of tax.-The foreign assets declared and repatriated into Pakistan within the due date shall be chargeable to tax at the rates specified in the Table below, namely:-
TABLE
========================================================================
S.No. Foreign assets Rate (as a percentage
of the value of foreign
assets)
========================================================================
(1) (2) (3)
========================================================================
1. Liquid assets not repatriated 5%
2. Immovable assets outside 3%
Pakistan
3. Liquid assets repatriated and
invested in Government securities
upto 5 years in US dollars
denominated bonds with six-
monthly profit payment in 2%
equivalent Rupees (rate of return
3%) and payable on maturity in
equivalent Rupees
4. Liquid assets repatriated
========================================================================
8. Payment of tax.-(1) The due date for the payment of tax chargeable under section 7 shall be the date on which declaration is made under section 6.
(2) No tax shall be payable by the declarant under any law for the time being in force including the Income Tax Ordinance, 2001 (XLIX of 2001) where tax has been paid under sub-section (1) in respect of the foreign assets declared under section 5.
9. Currency and rate of conversion.-(1) The value of a foreign asset under sub-section (2) of section 5 shall be in Rupees.
(2) The tax payable under section 8 shall be paid in United States dollars as specified in Form A of the Schedule to this Act.
(3) The value in Rupees under sub-section (1) shall be converted into United States dollars at the State Bank of Pakistan's rate applying between the United States dollar and the Rupee on the date the declaration is made under section 6 and tax is paid under section 8.
10. Mode and manner.-The State Bank of Pakistan (SBP) shall notify the mode and manner of-
(a) repatriation of liquid assets in Pakistan;
(b) deposit of tax in US dollars in SBP; and
(c) deposit of tax in Rupees in the income tax account of the Federal Consolidated Fund.
11. Incorporation in books of account.-(1)Where a declarant has paid tax under section 8 in respect of foreign assets declared under section 5, the declarant shall be entitled to incorporate in his books of account such foreign assets.
(2) For the purpose of the Income Tax Ordinance, 2001 (XLIX of 2001), the cost of acquisition of foreign assets and date of acquisition shall be deemed to be the value declared by the declarant and the date on which declaration has been made by the declarant, respectively.
12. Investment in Government securities.-Investment in Government securities under S.No. 3 of the Table in section 7 shall be made in accordance with a scheme to be introduced by the Government of Pakistan through the State Bank of Pakistan, by notification in the official Gazette, specifying periodic rate of return, the period for the rate of return and period of maturity.
13. Confidentiality.-(1) Notwithstanding the provisions of sub-section (3) of section 216 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Right of Access to Information Act, 2017 (XXXIV of 2017) and any other law for the time being in force, particulars of any person making a declaration under this Act or any information received in any declaration made under this Act shall be confidential.
(2) A person who discloses any particulars in contravention of sub-section (1) shall commit an offence punishable on conviction with a fine of not less than five hundred thousand Rupees but not exceeding one million Rupees or imprisonment for a term not exceeding one year or with both.
14. Declaration not admissible in evidence.-Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 5 shall be admissible in evidence against the declarant for the purpose of any proceedings relating to imposition of penalty or for the purposes of prosecution under any law including Income Tax Ordinance, 2001 (XLIX of 2001).
15. Removal of difficulty.-If any difficulty arises in giving effect to the provisions of this Act, the Federal Government may make such order in writing, as is not inconsistent with the provisions of this Act, for removal of such difficulty.
16. Misrepresentation.-Notwithstanding anything contained in this Act, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this Act.
Schedule
Form A
DECLARATION UNDER SECTION 5
FULL NAME
CNIC*
NTN (if available)
ADDRESS
TELEPHONE NUMBER:
Email:
FOREIGN ASSETS
=============================================================================
S.No. Nature of assets Amount in Tax Tax in Pak
Rupees Rate Rupees
=============================================================================
1. Liquid assets not 5%
repatriated
2. Immovable assets 3%
outside Pakistan
3. Liquid assets repatriated 2%
and invested in
Government securities
4. Liquid assets repatriated 2%
Total tax in Rupees(1+2+3+4)
Total tax in US Dollars
Whether evidence of payment of tax attached YES NO
=============================================================================
*CNIC includes NICOP or any other identification number issued by National Database and Registration Authority.
Form B
DESCRIPTION OF ASSETS
[see section 5 (4)]
A. Liquid assets not repatriated
1. Foreign currency
Bank account details
Bank name and bank A/c 1
Bank name and bank A/c 2
Bank name and bank A/c 3
Bank name and bank A/c 4
Bank name and bank A/c 5
2. Other liquid assets (securities, stocks, promissory notes, Government bonds, deposit certificates and other similar instruments, etc.)
1.
2.
3.
4.
5.
6.
B. IMMOVABLE PROPERTY (Jurisdiction, address and size)
1.
2.
3.
4.
5.
6.
7.
VERIFICATION
I, the undersigned, solemnly declare that to the best of my knowledge and belief-
(a) the information given in this declaration is correct and complete; and
(b) the value of foreign assets has truly been declared.
I, further declare that I am competent to make this declaration and verify it in my own name.
Date __________ Signature___________ Name ____________
8. Voluntary Declaration of Domestic Assets Act, 2018.-There is hereby enacted Voluntary Declaration of Domestic Assets Act, 2018, for the purposes hereinafter appearing;
AN ACT
to provide for voluntary declaration of domestic assets in Pakistan
WHEREAS there is a large scale non-reporting and under-reporting of assets held in Pakistan;
AND WHEREAS it is expedient to provide for declaration of such assets for the purposes hereinafter appearing;
It is hereby enacted as follows:-
1. Short title and commencement.-(1)This Act may be called the Voluntary Declaration of Domestic Assets Act, 2018.
(2) It shall come into force at once.
2. Definitions.-(1)In this Act, unless there is anything repugnant in the subject or context,
(a) "declarant" means a person making a declaration under section 5;
(b) "court of law" means an Appellate Tribunal, a High Court or Supreme Court of Pakistan;
(c) "domestic assets" means assets of every kind other than foreign assets under Foreign Assets (Declaration and Repatriation) Act, 2018;
(d) "holder of public office" means a person who is or has been, during the preceding ten years,-
(i) the President of the Islamic Republic of Pakistan or the Governor of a Province;
(ii) the Prime Minister, Chairman Senate, Speaker of the National Assembly, Deputy Chairman Senate, Deputy Speaker National Assembly, Federal Minister, Minister of State, Attorney-General for Pakistan and other Law Officers appointed under the Central Law Officers Ordinance, 1970 (VII of 1970), Adviser or Consultant or Special Assistant to the Prime Minister and holds or has held a post or office with the rank or status of a Federal Minister or Minister of State, Federal Parliamentary Secretary, Member of Parliament, Auditor-General of Pakistan, Political Secretary;
(iii) the Chief Minister, Speaker Provincial Assembly, Deputy Speaker Provincial Assembly, Provincial Minister, Adviser or Consultant or Special Assistant to the Chief Minister and who holds or has held a post or office with the rank or status of a Provincial Minister, Provincial Parliamentary Secretary, Member of the Provincial Assembly, Advocate-General for a Province including Additional Advocate-General and Assistant Advocate-General, Political Secretary;
(iv) the Chief Justice or, as the case may be, a Judge of the Supreme Court, Federal Shariat Court, a High Court or a Judicial Officer whether exercising judicial or other functions or Chairman or member of a Law Commission, Chairman or Member of the Council of Islamic Ideology;
(v) holding an office or post, in the service of Pakistan or any service in connection with the affairs of the Federation or of a Province or of a local council constituted under any Federal or Provincial law relating to the constitution of local councils, co-operative societies or in the management of corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization established, controlled or administered by or under the Federal Government or a Provincial Government or a civilian employee of the Armed Forces of Pakistan:
Provided that a member of the Board, not actively engaged in the business and day-today affairs of the said corporations, banks, financial institutions, firms, concerns, undertakings or any other institution or organization shall not be treated as holder of public office under this sub-clause;
(vi) the Chairman or Mayor or Vice Chairman or Deputy Mayor of a zila council, a municipal committee, a municipal corporation or a metropolitan corporation constituted under any Federal or Provincial law relating to local councils;
Explanation.-For the purpose of this sub-clause the expressions "Chairman" and "Vice Chairman" shall include "Mayor" and "Deputy Mayor" as the case may be, and the respective councilors therein; and
(vii) a District Nazim or District NaibNazim, Tehsil Nazim or Tehsil NaibNazim or UnionNazim or Union NaibNazim.
(e) "undisclosed asset" in relation to an immovable property includes an immovable property the value of which has been under-reported or understated;
(2) All other words and expressions used but not defined in the Act shall have the same meaning assigned to them under the Income Tax Ordinance, 2001 (XLIX of 2001) and the rules made thereunder.
3. Act to override other laws.-The provisions of this Act shall have effect notwithstanding anything to the contrary contained in any other law for the time being in force.
4. Application.-(1) The provisions of this Act shall apply to-
(a) every company, association of persons and all citizens of Pakistan wherever they may be, except holders of public office, their spouses and dependent children; and
(b) undisclosed income and domestic assets held by the persons mentioned in clause (a) in Pakistan, except where proceedings are pending in any court of law in respect of the undisclosed income or domestic assets.
(2) The provisions of this Act shall not apply to any proceeds or assets that are involved in or derived from the commission of a criminal offence.
5. Declaration of domestic assets in Pakistan.-(1)Subject to the provisions of this Act, any person may make, to the Federal Board of Revenue by the due date specified in section 6, a declaration in respect of undisclosed income and domestic assets acquired before the tenth day of April, 2018.
(2) The value of a domestic asset shall be as specified in section 10.
(3) The description, value and tax paid in respect of the undisclosed income and domestic assets declared in sub-section (1) shall be in the manner as set out in Form A of the Schedule to this Act.
(4) The declaration of undisclosed income and domestic assets shall be made in the manner as set out in Form A of the Schedule to this Act, electronically on Federal Board of Revenue's web portal and shall be valid only if it is accompanied by the evidence of payment of tax. The declarant may be required to provide additional item-wise details of such income and assets while filing declaration on Federal Board of Revenue's web portal.
6. Period of applicability.-The declaration under section 5 shall be made on or after the tenth day of April, 2018 but on or before the thirtieth day of June, 2018.
7. Charge of tax.-The domestic assets declared within the due date shall be chargeable to tax at the rates specified in the Table below on the value of assets as determined under section 10, namely:-
TABLE
======================================================================
S.No. Assets Rate (as a percentage
of the value of the
asset)
======================================================================
(1) (2) (3)
======================================================================
1. Foreign currency held in a foreign
currency account in Pakistan as
on the 31st March, 2018 and
encashed in equivalent Rupees.
Foreign currency held in a foreign
currency account in Pakistan as
on the 31st March, 2018 which is
2%
invested in Government securities
upto 5 years in US dollars
denominated bonds with six-
monthly profit payment in
equivalent Rupees (rate of return
3%) and payable on maturity in
equivalent Rupees.
2. Other assets. 5%
======================================================================
8. Payment of tax.-(1) The due date for payment of the tax chargeable under section 7 shall be the date on which declaration is made under section 6.
(2) No tax shall be payable by the declarant under any law for the time being in force including the Income Tax Ordinance, 2001 (XLIX of 2001) declared where tax has been paid under sub-section (1) in respect of the undisclosed income and domestic assets declared under section 5.
9. Incorporation in books of account.-(1)Where a declarant has paid tax under section 8 in respect of undisclosed income and domestic assets declared under section 5, the declarant shall be entitled to incorporate in his books of account such undisclosed income and domestic assets.
(2) For the purpose of the Income Tax Ordinance, 2001 (XLIX of 2001), the cost of acquisition of domestic assets and date of acquisition shall be deemed to be the value under sub-section (2) of section 5 and the date on which declaration has been made by the declarant, respectively.
10. Valuation.-For the purpose of this Act, the valuation of assets declared shall be made in the following manner, namely:-
===========================================================================
S.No. Undisclosed income Value for the
purpose of section 5 and
domestic assets (2)
===========================================================================
(1) (2) (3)
===========================================================================
1. Undisclosed income. As declared.
2. Open plots and land. Cost of acquisition or FBR rates,
whichever is higher.
3. Super structure. Rs 400 per square feet.
4. Apartments and flats. Cost of acquisition or Provincial
stamp duty rates, whichever is
higher.
5. Imported motor A-B
vehicles. A= CIF value plus the amount of
all charges, customs-duty, sales
tax, levies, octroi, fees and other
duties and taxes leviable thereon
and the costs incurred till their
registration.
B= a sum equal to 10% of the
said value for each successive year
upto a maximum of five years.
6. Motor vehicles A-B
purchased from a A= The price paid by the
manufacturer or purchaser, including the amount of
assembler or dealer in all charges, customs duty, sales
Pakistan. tax and other taxes, levies, octroi,
fees and all other duties and taxes
leviable thereon and the costs
incurred till their registration.
B= a sum equal to 10% of the
said value for each successive year
upto a maximum of five years.
7. Used motor vehicles Value determined in the manner
purchased locally. specified in S.N. 5 or 6, as the
case may be, as reduced by an
amount equal to 10% for every
year following the year in which it
was imported or purchased from a
manufacturer.
8. Securities and shares Day-end price of the share or
traded on stock security quoted on registered stock
exchange. exchange as on the 9th April, 2018
and where no day-end price of
such share or security is quoted on
stock exchange on the 9th April,
2018 day-end price of the share or
security quoted on a date nearest
to the 9th April, 2018.
9. Securities and shares Break-up value or face value,
not traded on stock whichever is higher. Breakup
exchange. value shall be the sum of paid-up
capital, reserves and balance as
per profit and loss account as
reduced by the value of preference
shares and divided by the amount
of the paid up ordinary share
capital.
10. National saving
schemes, postal
certificates, bonds,
securities and other
Face value.
similar investments in
capital instruments not
traded or quoted on
stock exchange.
11. Gold. Rupees 4000 per gram.
12. Other precious stones Market rate as on the 9th April,
and metals. 2018 or cost of acquisition,
whichever is higher.
13. Stock-in-trade. Market rate as on the 9th April,
2018.
14. Plant and machinery. Actual cost of acquisition with no
depreciation.
15. Accounts receivable.
Actual cost of acquisition.
16. Other assets.
17. Prize bonds, cash and For bank accounts balance as on
bank accounts 9th April, 2018 and face value for
including foreign other assets.
currency accounts.
===========================================================================
11. Confidentiality.-(1) Notwithstanding the provisions of sub-section (3) of section 216 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Right of Access to Information Act, 2017 (XXXIV of 2017) and any other law for the time being in force, particulars of any person making a declaration under this Act or any information received in any declaration made under this Act shall be confidential.
(2) A person who discloses any particulars in contravention of sub-section (1) shall commit an offence punishable on conviction with a fine of not less than five hundred thousand Rupees but not exceeding one million Rupees or imprisonment for a term not exceeding one year or with both.
12. Declaration not admissible in evidence.-Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 5 shall be admissible in evidence against the declarant for the purpose of any proceedings relating to imposition of penalty or for the purposes of prosecution under any law including Income Tax Ordinance, 2001 (XLIX of 2001).
13. Removal of difficulty.-If any difficulty arises in giving effect to the provisions of this Act, the Federal Government may make such order in writing, as is not inconsistent with the provisions of this Act, for removal of such difficulty.
14. Misrepresentation.-Notwithstanding anything contained in this Act, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed never to have been made under this Act.
Schedule
Form A
DECLARATION UNDER SECTION 5
FULL NAME
CNIC
NTN (if available)
ADDRESS
TELEPHONE NUMBER:
Email:
UNDISCLOSED INCOME AND DOMESTIC ASSETS
S.No. Undisclosed income and assets. Value as per section 10.
1. Undisclosed income.
2. Open plots and land.
3. Super structure.
4. Apartments and flats.
5. Imported motor vehicles.
6. Motor vehicles purchased from a manufacturer or assembler or dealer in Pakistan.
7. Used motor vehicles purchased locally.
8. Securities and shares traded on stock exchange.
9. Securities and shares not traded on stock exchange.
10. National saving schemes, postal certificates, bonds, securities and other similar investments in capital instruments not traded or quoted on stock exchange.
11. Gold.
12. Other precious stones and metals.
13. Stock-in-trade.
14. Plant and machinery.
15. Accounts receivable.
16. Other assets.
17. Cash, prize bonds and bank accounts
18. Government securities (other than those at S.No. 1 in the Table under section 7) Total value in Rupees Tax @ 5% (A)
19. Government securities or rupee amount from encashment of foreign currency accounts (S.No. 1 in the Table under section 7) Tax @ 2% (B) Total Tax (A+B)
Whether evidence of payment of tax attached. YES NO
VERIFICATION
I, the undersigned, solemnly declare that to the best of my knowledge and belief-
(a) the information given in this declaration is correct and complete; and
(b) the value of domestic assets have truly been declared.
I, further declare that I am competent to make this declaration and verify it in my own name.
Date __________ Signature___________ Name _____________
9. in the First Schedule, in the Table, in column (1), the following amendments shall be made, namely:-
(a) Before PCT code "04.07", the following new PCT codes and the entries relating thereto in column (1), (2), (3) and (4), shall be inserted, namely:-
===================================================================
"03.04 Fish fillets and other fish meat
(whether or not minced), fresh,
chilled or frozen.
-Fresh or chilled fillets of tilapias
(Oreochromis spp.), catfish (Pangasius
spp., Silurus spp., Clarias spp.,
Ictalurus spp.), carp (Cyprinus spp.,
Carassius spp.,
Ctenopharyngodonidellus,
Hypophthalmichthys spp., Cirrhinus
spp., Mylopharyngodonpiceus,
Catlacatla, Labeo spp.,
Osteochilushasselti,
Leptobarbushoeveni, Megalobrama spp.),
eels (Anguilla spp.), Nile perch
(Latesniloticus) and snakeheads
(Channa spp.):
0304.3100 -Tilapias (Oreochromis spp.) 20
0304.3200 -Catfish (Pangasius spp., Silurus 20
spp., Clarias spp., Ictalurus spp.)
0304.3300 -Nile perch (Latesniloticus) 20
0304.3900 -Other 20
-Fresh or chilled fillets of other
fish:
0304.4100 -Pacific salmon (Oncorhynchusnerka, 20
Oncorhynchusgorbuscha,
Oncorhynchusketa,
Oncorhynchustschawytscha,
Oncorhynchuskisutch, Oncorhynchusmasou
and Oncorhynchusrhodurus), Atlantic
salmon (Salmosalar) and Danube salmon
(Huchohucho)
0304.4200 -Trout (Salmotrutta, 20
Oncorhynchusmykiss,
Oncorhynchusclarki,
Oncorhynchusaguabonita,
Oncorhynchusgilae, Oncorhynchus apache
and Oncorhynchuschrysogaster)
0304.4300 -Flat fish (Pleuronectidae, Bothidae, 20
Cynoglossidae, Soleidae,
Scophthalmidaeand Citharidae)
0304.4400 -Fish of the families Bregmacerotidae, 20
Euclichthyidae, Gadidae, Macrouridae,
Melanonidae,
MoridaeandMuraenolepididae
0304.4500 -Swordfish (Xiphiasgladius) 20
0304.4600 -Toothfish (Dissostichus spp.) 20
0304.4700 -Dogfish and other sharks 20
0304.4800 -Rays and skates (Rajidae) 20
0304.4900 -Other 20
-Other, fresh or chilled:
0304.5100 -Tilapias (Oreochromis spp.), catfish 20
(Pangasius spp., Silurus spp., Clarias
spp., Ictalurus spp.), carp (Cyprinus
spp., Carassius spp.,
Ctenopharyngodonidellus,Hypophthalmich
thys spp., Cirrhinus spp.,
Mylopharyngodonpiceus, Catlacatla,
Labeo spp., Osteochilushasselti,
Leptobarbushoeveni, Megalobrama spp.),
eels (Anguilla spp.), Nile perch
(Latesniloticus) and snakeheads
(Channa spp.)
0304.5200 -Salmonidae 20
0304.5300 -Fish of the families Bregmacerotidae, 20
Euclichthyidae, Gadidae, Macrouridae,
elanonidae, Merlucciidae,
MoridaeandMuraenolepididae
0304.5400 -Swordfish (Xiphiasgladius) 20
0304.5500 -Toothfish (Dissostichus spp.) 20
0304.5600 -Dogfish and other sharks 20
0304.5700 -Rays and skates (Rajidae) 20
0304.5900 -Other 20
-Frozen fillets of tilapias
(Oreochromis spp.), catfish (Pangasius
spp., Silurus spp., Clarias spp.,
Ictalurus spp.), carp (Cyprinus spp.,
Carassius spp.,
Ctenopharyngodonidellus,
Hypophthalmichthys spp.,
Cirrhinusspp.,
Mylopharyngodonpiceus,Catlacatla,
Labeo spp., Osteochilushasselti,
Leptobarbushoeveni, Megalobrama spp.),
eels (Anguilla spp.), Nile perch
(Latesniloticus) and snakeheads
(Channa spp.):
0304.6100 -Tilapias (Oreochromis spp.) 20
0304.6200 -Catfish (Pangasius spp., Silurus 20
spp., Clarias spp., Ictalurus spp.)
0304.6300 -Nile perch (Latesniloticus) 20
0304.6900 -Other 20
-Frozen fillets of fish of the
families Bregmacerotidae,
Euclichthyidae, Gadidae, Macrouridae,
Melanonidae, Merlucciidae, Moridae and
Muraenolepididae:
0304.7100 -Cod (Gadusmorhua, Gadusogac, 20
Gadusmacrocephalus)
0304.7200 -Haddock (Melanogrammusaeglefinus) 20
0304.7300 -Coalfish (Pollachiusvirens) 20
0304.7400 -Hake (Merluccius spp., Urophycis 20
spp.)
0304.7500 -Alaska Pollack (Theragrachalcogramma) 20
0304.7900 -Other 20
-Frozen fillets of other fish:
0304.8100 -Pacific salmon (Oncorhynchusnerka, 20
Oncorhynchusgorbuscha,
Oncorhynchusketa,
Oncorhynchustschawytscha,
Oncorhynchuskisutch, Oncorhynchusmasou
and Oncorhynchusrhodurus), Atlantic
salmon (Salmosalar) and Danube salmon
(Huchohucho)
0304.8200 -Trout (Salmotrutta, 20
Oncorhynchusmykiss,
Oncorhynchusclarki,
Oncorhynchusaguabonita,
Oncorhynchusgilae, Oncorhynchus apache
andOncorhynchuschrysogaster)
0304.8300 -Flat fish (Pleuronectidae, Bothidae, 20
Cynoglossidae, Soleidae,
ScophthalmidaeandCitharidae)
0304.8400 -Swordfish (Xiphiasgladius) 20
0304.8500 -Toothfish (Dissostichus spp.) 20
0304.8600 -Herrings (Clupeaharengus, 20
Clupeapallasii)
0304.8700 -Tunas (of the genus Thunnus) skipjack 20
or stripe-bellied bonito (Euthynnus
(Katsuwonus) pelamis)
0304.8800 -Dogfish, other sharks, rays and 20
skates (Rajidae)
0304.8900 -Other 20
-Other, frozen:
0304.9100 -Swordfish (Xiphiasgladius) 20
0304.9200 -Toothfish (Dissostichus spp.) 20
0304.9300 -Tilapias (Oreochromis spp.), catfish 20
(Pangasius spp., Silurus spp., Clarias
spp., Ictalurus spp.), carp (Cyprinus
spp., Carassius spp.,
Ctenopharyngodonidellus,Hypophthalmich
thys spp., Cirrhinus spp.,
Mylopharyngodonpiceus, Catlacatla,
Labeo spp., Osteochilushasselti,
Leptobarbushoeveni, Megalobrama spp.),
eels (Anguilla spp.), Nile perch
(Latesniloticus) and snakeheads
(Channa spp.)
0304.9400 -Alaska Pollack (Theragrachalcogramma) 20
0304.9500 -Fish of the families Bregmacerotidae, 20
Euclichthyidae, Gadidae, Macrouridae,
Melanonidae,Merlucciidae,
MoridaeandMuraenolepididae, other than
Alaska Pollack (Theragrachalcogramma)
0304.9600 -Dogfish and other sharks 20
0304.9700 -Rays and skates (Rajidae) 20
0304.9900 -Other 20";
===================================================================
(b) against PCT Code "1507.1000", in column (4), for the figure "12,000", the figure "10,550" shall be substituted;
(c) against PCT Code "1507.9000", in column (4), for the figure "13,200", the figure "11,700" shall be substituted;
(d) after PCT code "2520.1010", the following new PCT code and the entries relating thereto in columns (1), (2), (3) and (4), shall be inserted, namely:-
======================================
"2520.1020 Anhydrite 3";
======================================
(e) for the PCT Code "2710.1919" and the entries relating thereto in columns (1), (2), (3) and 4, the following shall be substituted, namely:-
================================================
"2710.1919 Other 20";
================================================
(f) after PCT code "2915.2100", the following new PCT codes and the entries relating thereto in columns (1), (2), (3) and (4), shall be inserted, namely:-
================================================
"2915.3600 Dinoseb (ISO) acetate 16
2915.3940 Methyl acetate 16";
================================================
(g) after PCT code "3204.2000", the following new PCT code and the entries relating thereto in columns (1), (2), (3) and (4), shall be inserted, namely:-
================================================
"3206.4930 Pigmentsand 11";
preparations based on
hexacyanoferrates
(ferrocyanides and
ferricyanides)
================================================
(h) for the PCT Code "3919.1010" and the entries relating thereto in columns (1), (2), (3) and (4), the following new PCT codes and the entries relating thereto in columns (1), (2), (3) and (4), shall be substituted, namely:-
=========================================
"3403.1120 -Of a kind 16
used in the
paper or like
industries
3403.1139 -Other 16
3403.1190 -Other 16
3403.9120 -Of a kind 16
used in the
paper or like
industries
3403.9139 -Other 16
3403.9190 -Other 16
3824.4000 -Prepared 16
additives for
cements,
mortars or
concretes
3824.6000 -Sorbitol 16
other than that
of subheading
No. 2905.44
3904.2100 -Non- 16
plasticised
3905.1900 -Other 16
3906.9010 - 16
Cyanoacrylate
3906.9020 -Acrylic 16
binders
3919.1010 -Double 11
sided tape
3920.7100 -Of 16
regenerated
cellulose
3920.7300 -Of 16
cellulose
acetate
3920.9100 -Of 16
poly (vinyl
butyral)
3920.9200 -Of 16
polyamides
3920.9300 -Of amino 16";
resins
=========================================
(i) after PCT code"4818.9000", the following new PCT codes and the entries relating thereto in columns (1), (2), (3) and (4), shall be inserted, namely:-
=========================================
"5204.1100 -Containing 16
85 % or more by
weight of
cotton
5204.1900 -Other 16
5204.2010 -For 16
sewing
5204.2090 -Other 16";
=========================================
(j) after PCT code"5309.2900", the following new PCT codes and the entries relating thereto in columns (1), (2), (3) and (4), shall be inserted, namely:-
=========================================
"5901.1000 -Textile 16
fabrics coated
with gum or
amylaceous
substances, of
a kind used
for the outer
covers of
books or the
like
5901.9090 -Other 16
5904.9000 -Other 16
5906.9100 -Knitted or 16
crocheted
5906.9900 -Other 16
5907.0000 Textile 16
fabrics
otherwise
impregnated,
coated or
covered;
painted canvas
being
theatrical
scenery,
studio back-
cloths or the
like.
6006.1000 -Of wool or 16
fine animal
hair
6006.2110 - 16
Unbleached
6006.2120 -Bleached 16
6006.2200 -Dyed 16
6006.2300 -Of yarns 16
of different
colours
6006.2400 -Printed 16
6006.3110 - 16
Unbleached
6006.3120 -Bleached 16
6006.3200 -Dyed 16
6006.3300 -Of yarns 16
of different
colours
6006.3400 -Printed 16
6006.4110 - 16
Unbleached
6006.4120 -Bleached 16
6006.4200 -Dyed 16
6006.4300 -Of yarns 16
of different
colours
6006.4400 -Printed 16
6006.9090 -Other 16':
=========================================
(k) against PCT Code "7602.0010", in column (4), for the figure "35", the figure "30" shall be substituted;
(l) for PCT Code "8415.9091", the following PCT code and the entries relating thereto in columns (1), (2), (3) and (4) shall be substituted, namely:-
===================================================
"8415.9091 -For use with air 35":
conditioning machines of and
PCT headings 8415.2010
and 8415.2090
===================================================
(m) for the PCT Codes "8418.1110, 8418.1190, 8418.1910 and 8418.1990", the PCT codes 8419.1110, 8419.1190, 8419.1910 and 8419.1990", shall be substituted;
(n) after PCT code"9405.9900", the following new PCT code and the entries relating thereto in column (1), (2), (3) and (4), shall be inserted, namely:-
=========================================
"9606.1000 -Press- 16
fasteners,
snap-fasteners
and press-
studs and parts
therefor
9606.2200 -Of base 16
metal, not
covered with
textile
material
9606.2920 -Buttons 16
9606.2990 -Other 16
9606.3010 -Button 16
moulds and
other parts of
buttons
9607.2000 -Parts 16";
and
=========================================
10. in the Second Schedule, in the proposed FIFTH SCHEDULE to the Customs Act, 1969 (IV of 1969), the following amendments shall be made, namely:-
(a) in Part-I, in the Table, against serial number 33 in column (1), in column (2), for the expression "Fire-fighting vehicles", the expression "New Fire-fighting vehicles manufactured as such by OEMs" shall be substituted;
(b) in Part-III, after serial number 30, in column (1), the following new serial number and the entries relating thereto in columns (1), (2), (3), (4) and (5) shall be inserted and the existing S. Nos. from 31 to 107 shall be renumbered as S.Nos. 32 to 110 :-
===========================================================================
"31 1. Unground 2. 2510.1000 3. 0% 4. If
imported by
The
Phosphatic
Fertilizer
Industry,
notified By
the Ministry
of
Industries.";
and
5.
===========================================================================
(c) in Part-VII,-
(i) in Table-A, in column (1), for serial number 57 and the entries relating thereto in columns (2), (3) and (4), the following shall be substituted, namely:-
=======================================================
"57 Other jet 2710.1914 0";
fuels and
=======================================================
(ii) in Table-B, in column (1), after serial number 21,the following new serial number and the entries relating thereto in columns (1), (2), (3), (4) and (5) shall be inserted and the existing S. Nos. from 22 to 35 shall be renumbered as S.Nos. 29 to 42:-
===========================================================================
"22 Of a kind 5703.20 15 Nil
used in 20
motor cars
of heading
87.03 and
Vehicles of
sub-
Headings
8703.2113,
8703.2193,
8703.2195,
8703.2240,
8703.2323,
8703.3223,
8704.2190,
8704.3130,
8704.3190
(cut to
size and
shaped)
23 Other for 5703.20 15 Nil
motor cars 30
and
vehicles
24 Other 5703.20 15 Ni
90
25 Of a kind 5703.30 15 Nil
used in 20
vehicles of
heading
87.03 and
vehicles of
sub-
headings
8703.2113,
8703.2193,
8703.2195,
8703.2240,
8703.2323,
8703.3223,
8704.2190,
8704.3130,
8704.3190
(cut to
size and
shaped)
26 Other for 5703.30 15 Nil
motor cars 30
and
vehicles
27 Other 5703.30 15 Nil
90
28 Tiles, 5704.10 15 Nil"
having a 00
maximum
surface
area of 0.3
m2
===========================================================================
"STATEMENT OF OBJECTS AND REASONS
The purpose of this bill is to make financial provisions for the year beginning on the first day of July, 2018, and shall come into force on the first day of July, 2018 except clauses 3 (2), 3 (3), 3 (19), 3 (20), 3 (22), 6 (11) (a) & 6 (11) (b) which shall have effect on the next day of assent given to this Act by the President of the Islamic Republic of Pakistan.".
(DR. MIFTAH ISMAIL)
Minister for Finance, Revenue and Economic Affairs
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