Exemptions other than Covered in Respective Chapters Chapter- 20
(4) EXEMPTIONS FROM SPECIFIC PROVISIONS (OTHER THAN SPECIFIED IN RESPECTIVE
CHAPTERS) FROM TOTAL INCOME [PART IV OF 2ND SCHEDULE]
- Donations to Agha Khan Hospital [U/C 3]
The provisions of clause (b) of component C of the formula contained in] sub-section (2) of section 61
shall not apply in case of donations made to Agha Khan Hospital and Medical College, Karachi:- Non application of provision of section 148 [U/C 4A]
No provision of this Ordinance shall apply for recoup of tax credit already allowed to National Power
Parks Management Company (Private) Limited for investment in plant and machinery notwithstanding
non issuance of share certificates or any restructuring of its ownership pattern or debt to equity ratio
prior to privatization as part of the privatization process.- Immunity to foreign exchange A/c [U/C 5]
The provisions of section 111 regarding un-explained income or assets shall not apply in respect of,
—
(i) any amount of foreign exchange deposited in a private Foreign Currency account held with an
authorized bank in
(ii) Pakistan in accordance with the Foreign Currency Accounts Scheme introduced by the State
Bank of Pakistan: Provided that the exemption clause shall not be available in respect of any
incremental deposits made on or after the 16th day of December, 1999 in such accounts held
by a resident person or in respect of any amount deposited in accounts opened on or after the
said date by such person.
(iii) any amount invested in the acquisition of Three Years Foreign Currency Bearer Certificates
issued under the Foreign Currency Bearer Certificates Rules, 1997.
(iv) rupees withdrawn or assets created out of such withdrawal in rupees from private foreign
currency accounts, or encashment of Foreign Exchange Bearer Certificates, US Dollar Bearer
Certificates and Foreign Currency Bearer Certificates.- Steel melters, steel re-rollers etc. [U/C 9A]
Omitted by Finance Act, 2020.- Ship breakers [U/C 9AA]
Provisions of clause (a) of sub-section (1) of section 153, shall not apply to ship breakers as recipient
of payment:
Provided that this clause shall only apply for ships imported after the 1st July 2014.- NIT or collective investment 11A
The provisions of section 113, regarding minimum tax, shall not apply to,-
(i) National Investment (Unit) Trust or a collective investment scheme authorized or registered
under the Non-banking Finance Companies (Establishment and Regulation) Rules, 2003 or a
real estate investment trust approved and authorized under the Real Estate Investment Trust
Regulations, 2015, or a pension fund registered under the Voluntary Pension System Rules,
2005] or any other company in respect of turnover representing transactions in shares, or
securities listed on a registered stock exchange;
(ii) petroleum dealers, in so far as they relate to turnover on account of sale of petroleum and
petroleum products, notwithstanding their status as a company, a registered firm or an
individual, engaged in retail sale of petroleum and petroleum products through petrol pumps for
the purposes of assessment of their income and determination of tax thereon:
Provided that this exemption shall not apply to the sale of petroleum and petroleum products through
petrol pumps which are directly operated or managed by companies engaged in distribution of
petroleum and petroleum products.