GOVERNMENT OF PAKISTAN
REVENUE DIVISION
CENTRAL BOARD OF REVENUE
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C.NO.1(10)WHT/2004
Islamabad, July 1, 2004
CIRCULAR NO. 10 OF 2004
(Income Tax)
Subject: WITHHOLDING TAX ON IMPORT OF AGRICULTURAL TRACTORS IN CBU CONDITION
Import of agricultural tractors in Completely Built-Up condition (CBU) was previously liable to withholding tax under section 148 of the Income Tax Ordinance, 2001 @ 6% of the import value as increased by amount of customs duty and sales tax, if any payable thereon.
2. A new clause (31B) has been inserted in Part-IV of Second Schedule to the Income Tax Ordinance, 2001 through Finance Act, 2004 as a consequence of which exemption from withholding tax on import of Agricultural Tractors in CBU condition has been allowed with effect from 1st July, 2004.
Muhammad Ashfaq Ahmed
Secretary (WHT)
