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Minimum tax liability---Scope---Aggregate of the declared turnover as defined in S.80D of the Income Tax Ordinance, 1979 from the sale of goods, rendering, giving or supplying of services or benefits or execution of contracts had to be taken into account for determining the minimum tax liability of 0.5% of the turnover---If no tax, for whatever reason, was payable/paid, then the amount worked out at the rate of 0.5% of the turnover would be the minimum tax payable---If the tax payable/paid was less than 0.5% of the turnover, then the minimum tax payable would be the difference/balance between the tax payable/paid and 0.5% of the turnover---Similar analysis would apply to S.113 of the Income Tax Ordinance of 2001 [as it existed prior to its omission by the Finance Act, 2008], where the aggr...
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