Exemptions other than Covered in Respective Chapters Chapter- 20
Explanation.- For the removal of doubt it is declared that the companies engaged in distribution of
petroleum and petroleum products other than through petrol pumps shall not be entitled to the
benefits of this exemption;
(i) Hub Power Company Limited so far as they relate to its receipts on account of sale of
electricity;
(ii) companies, qualifying for exemption under clause (132) of Part-I of this Schedule, in respect of
receipts from sale of electricity;
(iii) Provincial Governments and Local Governments, qualifying for exemption under section 49 and
other Government bodies which are otherwise exempt from income tax: Provided that nothing
shall be construed to authorize any refund of tax already paid or the collection of any
outstanding demand created under the said section;
(iv) Pakistan Red Crescent Society;
(v) special purpose, non-profit companies engaged in securitizing the receivables of Provincial
Governments;
(vi) omitted
(vii) omitted
(viii) a resident person engaged in the business of shipping who qualifies for application of reduced
rate of tax on tonnage basis as final tax under clause (21) of Part II of the Second Schedule;
(ix) a venture capital company, venture capital fund and Private Equity and Venture Capital Fund
which is exempt under clause (101) of Part-I of this Schedule;
(x) a Modaraba registered under the Modaraba Companies and Modaraba (Floatation and Control)
Ordinance, 1980 (XXXI of 1980);
(xi) Corporate and Industrial Restructuring Corporation (CIRC);
(xii) omitted;
(xiii) omitted
(xiv) WAPDA First Sukuk Company Limited ; and
(xv) omitted
(xviii) Pakistan International Sukuk Company Limited.
(xix) Second Pakistan International Sukuk Company Limited.
(xix) LNG Terminal Operators and LNG Terminal Owners.
(xx) taxpayers located in the most affected and moderately affected areas of Khyber Pakhtunkhwa,
FATA and PATA for tax year 2010, 2011 and 2012 excluding manufacturers and suppliers of
cement, sugar, beverages and cigarettes.
(xxi) Rice Mills for the Tax Year 2015.
(xxii) taxpayers qualifying for exemption under clauses (126I) of Part-I of this Schedule in respect of
income from manufacture of equipment with dedicated use for generation of renewable energy.
(xxiii) taxpayers qualifying for exemption under clauses (126J) of Part-I of this Schedule in respect of
income from operating warehousing or cold chain facilities for storage of agriculture produce.
(xxiv) taxpayers qualifying for exemption under clauses (126K) of Part-I of this Schedule in respect of
income from operating halal meat production, during the period mentioned in clause (126K).
(xxv) taxpayers qualifying for exemption under clauses (126L) of Part-I of this Schedule in respect of
income from a manufacturing unit set up in Khyber Pukhtunkhwa Province between 1st day of
July, 2015 and 30th day of June, 2018; and
(xxvi) China Overseas Ports Holding Company Limited, China Overseas Ports Holding Company
Pakistan (Private) Limited, Gwadar International Terminal Limited, Gwadar Marine Services