GOVERNMENT OF PAKISTAN

(REVENUE DIVISION)

CENTRAL BOARD OF REVENUE

*****

Islamabad, the October, 2002.

NOTIFICATION

(Income Tax)

S.R.O. 728 (I)/2002.- In exercise of the powers conferred by sub-section(2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that the following further amendment shall be made in the Second Schedule to the aforesaid Ordinance, namely:-

In the aforesaid Schedule, in Part I, for clause (99), the following shall be substituted, namely:-

“(99) Any income derived by a mutual fund or an investment company registered under the investment Companies and Investment Advisers Rules, 1971, or a unit trust scheme constituted by an assets management company registered under the Assets Management Companies Rules, 1995, if not less than ninety percent of its accounting income of that year, as reduced by capital gains whether realized or unrealized, is distributed amongst the unit or certificate holders or shareholders as the case may bes:

Explanation. For the purpose of this clause the expression “accounting income” means income calculated under the Generally Accepted Accounting Principles and verified by the auditors.”.

[C.No.1(11)E&C/2002]

(VAKIL AHMAD KHAN)

Member (Direct Taxes)/Additional Secretary