1) Bangladesh

a) Section 53H – No tax to be deducted or collected on transfer of asset from originator to special
purpose vehcle and vice versa.

2) Pakistan
a) Section 5AA – Tax on return on investments in Sukuks
Person Rate of Tax
Sukuk Holder is a Company 25%
Sukuk holder is an individual or association of 15%
person and the return on investment of sukuks
exceed one million
Sukuk holder is an individual or association of 10%
person and the return on investment in sukuks
does not exceed one million
b) Section 28(2) – Transfer of assets by originator to SPV shall be treated as a financing
transaction.
c) Section 37A – Capital gain on disposal of securities – The capital gain arising on or after the first
day of July 2010, from disposal of securities, other than a gain that is exempt from tax under the
Ordinance, shall be chargeable to tax at the rates specified in Division VII of Part I of the First
Schedule.
Here securities include debt securities as per section 37A(3)
Securities include Sukuk certificate as per Section 37A(3A)(i)
Rate to charge tax under this Section
i) 0% if holding before 1st July 2013
ii) 15% if holding from day after 1st July 2013
d) Section 62 – Tax credit on investment in shares and insurance
(ia) - in respect of cost of acquiring in the tax year, sukuks offered to the public by a public
company listed and traded on stock exchange in Pakistan, provided the resident person is the
original allottee of the sukuks.
e) Section 151(1A) – SPV shall deduct tax on gross amount of return on investment on sukuk while
making payment to sukuk holder at the rate of 15% (Rate specified in Division IB of Part III of the
First Schedule.
f) Section 153(5)(g) – No TDS to be deducted on any payment for securitization of receivables or
issuance of sukuks by SPV to the Originator.