FBR amends SRO735(I)/2016 of Income Tax Ordinance 2001

KARACHI: The Revenue Division of the Federal Board of Revenue (FBR) has issued SRO 735(I)/2016 in exercise of the powers conferred by sub-section (2) of Section 53 of the Income Tax Ordinance, 2001 and pursuant to the approval of the Economic Coordination Committee of the Cabinet contained vide No.13(10)-2013.

According to the details, the Federal government is pleased to direct that the following further amendment shall be made in the Second Schedule to the said ordinance, which stated:

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“(60A), the provisions of the section-148 of the Income Tax Ordinance-2001 shall not apply for import of plant, machinery and equipment including dumpers and special purposes motor vehicles imported by the following for construction of Sukkur-Multan section of Karachi-Peshawar Motorway Project and Karakorum Highway (KKH) Phase-II (Thakot to Havellian Section) of CPEC project respectively:

The companies including M/s China State Construction Company Engineering Corporation Ltd (M/s CSCEC) and M/s China Communication Construction Company (M/s CCCC).