GOVERNMENT OF PAKISTAN

CENTRAL BOARD OF REVENUE

Islamabad, the 28th July, 1998

NOTIFICATION
(INCOME TAX)

S.R.O.854(I)/98.- In exercise of the powers conferred by sub-section (2) of section 14 of the

Income Tax Ordinance, 1979 (XXXI of 1979), the Federal Government is pleased to direct that the following
further amendments shall be made in the Second Schedule to the said Ordinance, namely:-

In the aforesaid Schedule, in Part IV, after clause (33), the following new clauses shall be added,
namely:-

"(34) The provisions of sub-section (4) of section 50 shall not apply to an indirect exporter
as defined in the No Duty No Drawback Rules, 1998, issued under Notification No.
S.R.O. 844(I)/98, dated the 23rd July, 1998.

(35) The provisions of sub-section (5) of section 50 shall not apply to goods imported by
direct and indirect exporters covered under:-

(i) the Manufacturing in Bond Rules, 1997, issued under Notification No. S.R.O.
1140(I)/97, dated the 6th November, 1997;

(ii) the Common Bonded Warehouse (Conventional) Rules, 1998 issued under
Notification No. S.R.O. 843(I)/98, dated the 23rd July, 1998; and

(iii) the No Duty No Drawback Rules, 1998, issued under Notification No. S.R.O.
844(I)/98, dated the 23rd July, 1998.".

NO. 1(4)WHT/98

( MUHAMMAD SARWAR KHAWAJA )

ADDITIONAL SECRETARY