CIt has been clarified that Workers Welfare Fund (WWF) shall be allowed as tax deductible expense, depending upon the method of accounting employed by the tax payers in accordance with the provisions of Income Tax Law.

112

Notification with respect to certain amendments made in Rules 211, 214, 219 and 220 of Income Tax Rules, 2002, in respect of approval of Non-Profit Organizations u/s.2(36) of Income Tax Ordinance, 2001.

113

It has been notified that tax shall now be deducted u/s.154 at 0.75% from foreign exchange proceeds on account of exports of Rice marketed under a brand name upto 50-kgs pack, instead of earlier upto 5-kgs pack.

114

Pakistan Centre for Philanthropy (a non-profit company registered u/s.42 of the Companies Ordinance, 1984), Islamabad has been approved to act as a Certification Agency for purposes of rules 211 to 214 and 220A of Income Tax Rules, 2002, with immediate effect and until further orders.

115

M/s. Natural Rural Support Program, Islamabad has been granted approval under Clause (58)(3) of Part-I of the Second Schedule, for purposes of exemption of Income for the Tax Year 2003.

116

Draft of Income Tax Rule 213A issued prescribing Procedure for applying and issuance of Advance Ruling under S.206A to a Non-Resident Person.

117

Further instructions issued in respect of New Sales Tax Registration as under :

118

(i) Issuance of Registration Certificate may not be withheld for verification of applicant's NIC, in case of manufacturers, service providers and retailers, which may be carried out after certificate has been issued. The old NIC be accepted for application filed till 31-12-2003.

119

(ii) In case of New business, capital declared be deemed as financial worth of the prospective business and declaration for non-maintenance of bank account or non-filing of Income Tax Return may suffice. However, the New NTN or application filed for NTN should be submitted.

(iii) Mandatory declaration of home addresses and details of the property is required for Individuals and Partnership Firms only.

It has been clarified that legally Advertisement on TV and Advertisement on Closed Circuit TV (CCTV) are two distinctly separate services, each having a separate classification.