Updated at 4 PST Wednesday, March 16, 2011
ISLAMABAD: President Asif Ali Zardari Tuesday imposed a flood surcharge of 15 percent on income tax, ordinance issued.
Following is the text of Ordinance:
WHEREAS it is expedient further to amend the income Tax Ordinance, 2001, for the purposes hereinafter appearing, AND WHEREAS the Senate and the National Assembly are not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action.
NOW, THEREFORE, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance:-
1. Short title and commencement:- This Ordinance may be called the Income Tax (Amendment) Ordinance, 2011.
(2) It shall come into force at once.
2. Amendment of section 2, Ordinance XIIX of 2001:- In the Income Tax Ordinance, 2001, after section 4, the following new section shall be inserted namely:-
"4A Surcharge:-(1) Subject to this Ordinance, a surcharge shall be payable by every taxpayer at the rate of fifteen percent of the income tax payable under this Ordinance including the tax payable under Part V of ChapterX or Chapter XII, as the case may be, for the period commencing from the promulgation of this Ordinance, till the 30th June, 2011.
(2) Surcharge shall be paid, collected, deducted and deposited at the same time and in the same manner as the tax is paid, collected deducted and deposited under this Ordinance including Chapter X or XII as the case may be:
Provided that this surcharge shall not be payable for the tax year 2010 and prior tax years and shall be applicable, subject to the provisions of sub- section (1), for the tax year 2011 only."
:smashfreakB:
TAX KHAPAY KHAPAY KHAPAY
ISLAMABAD: President Asif Ali Zardari Tuesday imposed a flood surcharge of 15 percent on income tax, ordinance issued.
Following is the text of Ordinance:
WHEREAS it is expedient further to amend the income Tax Ordinance, 2001, for the purposes hereinafter appearing, AND WHEREAS the Senate and the National Assembly are not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action.
NOW, THEREFORE, in exercise of the powers conferred by clause (1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinance:-
1. Short title and commencement:- This Ordinance may be called the Income Tax (Amendment) Ordinance, 2011.
(2) It shall come into force at once.
2. Amendment of section 2, Ordinance XIIX of 2001:- In the Income Tax Ordinance, 2001, after section 4, the following new section shall be inserted namely:-
"4A Surcharge:-(1) Subject to this Ordinance, a surcharge shall be payable by every taxpayer at the rate of fifteen percent of the income tax payable under this Ordinance including the tax payable under Part V of ChapterX or Chapter XII, as the case may be, for the period commencing from the promulgation of this Ordinance, till the 30th June, 2011.
(2) Surcharge shall be paid, collected, deducted and deposited at the same time and in the same manner as the tax is paid, collected deducted and deposited under this Ordinance including Chapter X or XII as the case may be:
Provided that this surcharge shall not be payable for the tax year 2010 and prior tax years and shall be applicable, subject to the provisions of sub- section (1), for the tax year 2011 only."
:smashfreakB:
TAX KHAPAY KHAPAY KHAPAY
