Capital Value Tax Chapter- 01
Any person dissatisfied with any order passed by the Commissioner or an officer of Inland Revenue
under this section may prefer an appeal before the Commissioner (Appeals) against the order as
provided in section 127 of the Income Tax Ordinance, 2001 (XLIX of 2001) and all provisions of Part
III of Chapter X of the Income Tax Ordinance, 2001 shall apply accordingly.- Power of FBR to prescribed manner and procedure for collection and recovery
The Federal Board of Revenue may, by notification in the official Gazette, prescribe the manner and
procedure relating to the collection and recovery of, or any other matter relating to the capital value
tax. - Power of FG to exempt any asset from CVT
The Federal Government may, by notification in the official Gazette, exempt any asset or class of
assets from tax subject to such conditions as may be specified. - Definitions
In this section –
a. “Commissioner” means Commissioner as defined in the Income Tax Ordinance, 2001
(XLIX of 2001);
b. “Commissioner (Appeals)” means Commissioner (Appeals) as defined in the Income Tax
Ordinance, 2001 (XLIX of 2001);
c. “Foreign assets” means any movable or immovable assets held outside Pakistan, whether
directly or indirectly, and includes but not limited to real estate, mortgaged assets, stock and
shares, bank accounts, bullion, cash, jewels, jewelry, paintings, accounts and loan
receivables, assets held in dependents’ name, beneficial ownership or beneficial interests or
contribution in offshore entities or trusts;
d. “Officer of Inland Revenue” means an officer of Inland Revenue as defined in the Income
Tax Ordinance, 2001(XLIX of 2001);
e. “Person” means a person as defined in section 80 of the Income Tax Ordinance, 2001
(XLIX of 2001);
f. “Resident individual” shall have the same meanings as defined in the Income Tax
Ordinance, 2001 (XLIX of 2001);
g. “Tax” means capital value tax and includes any default surcharge, penalty, fee, any amount
or sum leviable or payable under this section or the rules prescribed under this section.
h. “Tax year” means tax year as defined in the Income Tax Ordinance, 2001 (XLIX of 2001).