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<h3><span lang="EN-GB" style="font-size:10.0pt"> GOVERNMENT OF PAKISTAN</span></h3>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="font-size:10.0pt;text-transform:uppercase">REVENUE DIVISION</span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="font-size:10.0pt">CENTRAL BOARD OF REVENUE</span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="font-size:10.0pt">***</span></b></p>
<table border="0" width="100%" id="table1">
<tbody><tr>
<td width="291"><font face="Arial"><span style="font-size:10.0pt"> No.F.1(24)Ex/2005</span></font></td>
<td>
<p align="right"><font face="Arial"><span style="font-size:10.0pt">Islamabad</span><span style="font-size:
10.0pt">, July 27, 2005</span></font></p></td>
</tr>
</tbody></table>
<p class="MsoNormal"> </p>
<h1 align="center" style="text-align:center"><span style="font-family:Arial">Circular
No. 05 of 2005</span></h1>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="font-size:10.0pt">(Income Tax)</span></b></p>
<p class="MsoNormal"><span style="font-size:10.0pt"> </span></p>
<p class="MsoBodyTextIndent" align="center" style="text-align:center;text-indent:
0in;line-height:normal"><b><span style="font-size:10.0pt;font-family:Arial">Subject:</span></b><span style="font-size:10.0pt;font-family:Arial"> </span><b><span style="font-size:10.0pt;font-family:Arial">WITHHOLDING TAX ON SHIPS IMPORTED
FOR DISMANTLING</span></b></p>
<p class="MsoBodyTextIndent2" align="center" style="text-align:center;text-indent:
.5in;line-height:normal"><b><u><span style="font-size:10.0pt;font-family:Arial">CLAUSE
(13), PART
II OF THE SECOND SCHEDULE.</span></u></b></p>
<p class="MsoBodyTextIndent2" align="center" style="margin-left:0in;text-align:
center;text-indent:0in;line-height:normal"><span style="font-size:10.0pt;
font-family:Arial"> </span></p>
<p class="MsoBodyTextIndent2" style="margin-left:0in;text-indent:0in;line-height:
normal"><span style="font-size:10.0pt;font-family:Arial"> </span></p>
<p class="MsoBodyTextIndent2" style="margin-left:0in;text-indent:0in;line-height:
200%"><span style="font-size:10.0pt;line-height:200%;font-family:Arial"> Import
of condemned ships for breaking were subject to withholding tax under section
148 @ 3% of the import value as increased by customs duty and sales tax. This
rate has been reduced to 1% through Finance Act, 2005, [clause (13), of Part II
of the Second Schedule]. It was mentioned in paragraph 40 of Circular No.1 of
2005 (Income Tax) dated July 5, 2005, that the reduced rate would be applicable
to those imports of condemned ships where LCs had been opened on or after July
1, 2005. Representations have been made to the CBR that in some cases LCs were
opened immediately after the presentation of Finance Bill under the impression
that this facility had become available. In order to avoid any hardship
because of this misunderstanding, it has been decided that concession of
reduced rate of 1% as per</span><span style="font-size:10.0pt;line-height:200%;
font-family:Arial"> clause (13) of Part II of the Second Schedule will be
available in respect of Bills of Entry presented on July 1, 2005 and/or
thereafter.</span><span style="font-size:10.0pt;line-height:200%;font-family:
Arial"> </span></p>
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<td valign="top" style="width:318px;padding-left:5.4pt; padding-right:5.4pt; padding-top:0in; padding-bottom:0in">
<p class="MsoNormal" align="right" style="text-align:right"><span style="font-size:10.0pt">( Haseeb-ul-Haq )</span></p>
<p class="MsoNormal" align="right" style="text-align:right"><span style="font-size:10.0pt">Secretary (IT Policy)</span></p>
<h5 align="right" style="text-align:right"><span style="font-size:10.0pt;
font-family:Arial">Tel: 9205561</span></h5>
</td>
</tr>
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<p class="MsoNormal"><span style="font-size:10.0pt"> </span></p>
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