The Central Board of Revenue (CBR) has given exemption of 3.5 percent withholding tax on payments received against supply of relief goods for quake-hit areas. The CBR has amended the Second Schedule of the Income Tax Ordinance 2001 through a SRO.1205(I)/2005 here on Wednesday.
According to the notification, the provisions of sub-section (6) of section 153 shall not apply pertaining to payments received by a person on supply of relief goods for earthquake victims against funds from the President Relief Fund for Earthquake Victims, 2005, or any other such source of the government or the purchases made by approved voluntary non-profit organisations or welfare bodies.
FOLLOWING IS THE TEXT OF THE NOTIFICATION ISSUED ON WEDNESDAY: 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 said Ordinance, namely:
In the aforesaid Schedule, in Part IV, after clause (42) the following new clause shall be inserted, namely:
(42A) The provisions of sub-section (6) of section 153 shall not apply in respect of payments received by a person for supply of relief goods for earthquake victims against funds from the President Relief Fund for Earthquake Victims, 2005, or any other such source of the Government or the purchases made by approved voluntary Non-Profit Organisations or welfare bodies for the aforesaid purpose.
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