Income From Business Chapter- 09
Gwadar Free Zone Company Limited for a period of twenty-three years with effect from the first day
of July, 201616.16 PROFIT AND GAINS DERIVED BY REFINERY [U/C 126B]
Profits and gains derived by a refinery—a) from new deep conversion refinery of at least 100,000 barrels per day for which approval is
given by the Federal Government before the 31st day of December, 2021; or
b) for the purpose of up gradation, modernization or expansion project of any existing refinery
which makes undertaking to the Federal Government in writing before the 31st day of
December, 2021 in this regard:
Provided that this exemption shall be available for a period of 20 years beginning from the date of
commencement of commercial production in the case of new refinery and 10 years from the date of
completion of up gradation, modernization or expansion project of existing refinery.
Provided further that the exemption under this clause shall only be available to those refineries whose
products fulfil Euro 5 standards.16.16A PROFIT AND GAINS OF A REFINERY [U/C 126BA]
This clause has been omitted by Finance Act, 2021.16.17 PROFITS AND GAINS DERIVED BY A TAXPAYER FROM AN INDUSTRIAL UNDERTAKING
SET UP IN LARKANO INDUSTRIAL ESTATE [U/C 126C]
This clause has been omitted by Finance Act, 2021.
16.18 PROFITS AND GAINS DERIVED BY A TAXPAYER FROM AN INDUSTRIAL UNDERTAKING
SET UP IN GAWADAR INDUSTRIAL ESTATE [U/C 126D]
Profit and gains derived by a taxpayer from an industrial undertaking set up in the Gwadar declared by
the Federal Government to be a Zone within the meaning of Export Processing Zone Authority
Ordinance, 1980 (IV of 1980) as Export Processing Zone, Gwadar, for a period of ten years beginning
with the month and year in which the industrial undertaking is set up or commercial operation
commenced, whichever is later.
16.19 PROFITS AND GAINS DERIVED BY CORPORATE ZONE DEVELOPERS [U/C 126E]
Income derived by a zone enterprise as defined in the Special Economic Zones Act, 2012 for a period
of ten years starting from the date the developer certifies that the zone enterprise has commenced
commercial operation and for a period of ten years to a developer of zone starting from the date of
signing of the development agreement in the special economic zone as announced by the Federal
Government.
Provided that this clause shall also apply to a co-developer as defined in Special Economic Zone Rules,
2013 subject to the condition that a certificate has been furnished—a) by the developer that he has not claimed exemption under this clause and has relinquished
his claim in favour of the co-developer; and
b) by the Special Economic Zone Authority validating that the developer has not claimed
exemption under this clause and has relinquished claim in favour of the co developer.16.19A PROFITS AND GAINS DERIVED BY ZONE DEVELOPERS [U/C 126EA]
Profits and gains derived by –
a) zone developer as defined in the Special Technology Zones Authority Act, 2021 (XVII of
2021) from development and operations of the zones for a period of ten years starting from
the date of signing of the development agreement;b) zone Enterprises as defined in the Special Technology Zones Authority Act, 2021 (XVII of
2021) for a period of ten years from the date of issuance of license by the Special
Technology Zone Authority; and