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IV for section 25-A,the following shall be substituted,namely:-

"25-A.Power to takeover the imported goods.- (1) If the appropriate officer finds that customs value of imported goods declared in the bill of entry is understated and there is a buyer of imported goods at substantially higher value, he may order the following without prejudice to any other action, he may take in respect of the importer,namely-

i) entertain offer by any other person to buy these goods at substantially higher value than the declared customs value in the bill of entry and payment of customs duties and other leviable taxes thereon,provided such offer is accompanied by a payorder equal to twenty-five per cent of the amount of such value and duties and other taxes leviable on imported goods;

ii) give an option in writing to the importer of such goods for clearance of imported goods at the customs value equal to such highest offer for purchase of goods and payment of customs duties and other taxes chargeable thereon; and

iii) in case the importer fails to clear the imported goods within seven days of the receipt of notice under clause(ii)above, the appropriate officer may takeover the goods on payment of customs value declared in the bill of entry and an amount equal to five per cent of such declared value;

(2) The imported goods takenover under sub-section(1) shall be delivered to the offerer on submission of two pay orders, one equal to the customs value declared in the bill of entry plus five per cent in the name of importer and the other pay order equal to the remaining amount of value of imported goods and the amount of customs duties and other taxes leviable on the imported goods in the name of Collector of Customs;

(3) In case the local buyer fails to take the delivery of the goods on payment of value and taxes as prescribed in sub-section(2) above, the pay order equal to twenty-five per cent of the amount shall be forfeited in favour of the Federal Government and imported goods shall be released to the importer as per customs value determined under Section 25.".

V. for section 30, the following shall be substituted, namely:-

"30.-Date of determination of rate of import duty.- The rate of duty applicable to any imported goods shall be the rate of duty in force;

(a) in the case of goods cleared for home consumption under section 79, on the date on which a bill of entry is manifested under that section; and

(b) in the case of goods cleared from a warehouse under section 104,on the date on which a bill of entry for clearance of such goods is manifested under that section;

Provided that, where a bill of entry has been manifested in advance of the arrival of the conveyance by which the goods have been imported, the relevant date for the purposes of this section shall be the date on which the manifest of the conveyance is delivered;

Provided further that, in respect of goods for the clearance of which a bill of entry for clearance has been manifested under section 104, and the duty is not paid within seven days of the bill of entry being manifested, the rate of duty applicable shall be the rate of duty on the date on which the duty is actually paid;

Provided further that the Federal Government may, by notification in the official Gazette, for any goods or class of goods, specify any other date for the determination of rate of duty.

Explanation:- For the purpose of this section "manifested" means that when a machine number is allocated to bill of entry and is registered in Customs record.

VI. in Section 156, in sub-section (1), in the Table,-

(a) for serial number 43, and the entries relating thereto in columns 1, 2 and 3 the following shall be substituted, namely:-

(b) against serial number 61, in column 1, for the words "twenty-five thousand" the words "one hundred thousand" shall be substituted;

(c) after serial number 98, the new serial number 99 and the entries relating thereto in columns 1, 2 and 3, shall be added namely:-

 VII. in section 193, after sub-section (2) the following sub-section shall be added, namely:-

"(3) An appeal made under this Act shall be accompanied by a fee of one thousand rupees to be paid in the manner prescribed.";

(VIII) in section 194,-
(a) for sub-section (2) the following shall be substituted, namely:-

"(2) A judicial Member shall be a person who has been a Judge of the High Court, or is or has been a District Judge and is qualified to be a Judge of a High Court, or is or has been an advocate of a High Court and is qualified to be a Judge of a High Court."; and

(b) in sub-section (5) the proviso shall be omitted;

IX. in section 202,-
(i) in sub-section (3) in clause (c), the fullstop at the end shall be replaced by the semi-colon and word ";or" and thereafter the following new clause shall be added, namely:-

"(d) arrest of the defaulter and his detention in the prison for a period not exceeding fifteen days:

Provided that the mode shall not be applied unless the period of limitation presented for filing appeal has expired or no appeal is pending.";

(ii) after sub-section (3), the following new sub-sections shall be inserted, namely:-

"(3A) A warrant of arrest issued against a defaulter in sub-section (3)(d) shall not be executed if the arrears due from him are paid or the defaulter furnishes security to the satisfaction of appropriate officer.

(3B) Any defaulter who under sub-section (3) is being kept under detention shall forthwith be set at liberty or the arrears due from him being paid.";

X. in section 211, for the word "six" the word "five" shall be substituted; and

XI. for the First Schedule to the Customs act,1969 (IV of 1969)" _______ Schedule shall be substituted.

11. Amendment of the Chairman and Speaker (Salaries, Allowances and Privileges) Act, 1975.- The following amendments shall be made in the Chairman and Speaker (Salaries, Allowances and Privileges Act, 1975, namely:-

(i) in section 8, a new sub-section shall be added namely:-
"(5) The Chairman and the Speaker may establish a residential office which shall be furnished and facilities provided therein at Government expense."

(ii) in section 10, a new sub-section shall be added namely:-
"(3) Where the Chairman or the Speaker on tour stays in a hotel because of non-availability of accommodation in any government guest house or rest house, he shall be entitled to the re-imbursement of actual rent charges of a small suite for the period of stay in that hotel, in addition to the daily allowance.

12. Income Tax Ordinance, 1979.- Amendment of the Agricultural Development Bank Ordinance, 1961 (IV of 1961).- In the Agricultural Development Bank Ordinance, 1961 (IV of 1961), section 27A shall be omitted.

Amendment of the Peoples, Finance Corporation Act, 1972 (XXIX of 1972).- In the Peoples, Finance Corporation Act, 1972 (XXIX of 1972), section 27 shall be omitted.

Amendment of the Pakistan Broadcasting Corporation Act, 1973 (XXXII of 1973).- In the Pakistan Broadcasting Act, 1973 (XXXII of 1973), section 17 shall be omitted.

Amendment of the Establishment of the Federal Bank for Cooperatives and Regulation of Co-operative Banking Act, 1977 (IX of 1977).- In the Establishment of the Federal Bank for Cooperatives and Regulation of Co-operative Banking Act, 1977 (IX of 1977), section 38 shall be omitted.

Amendment of the Regional Development Finance Corporation Ordinance, 1985 (XXXII of 1985).- In the Regional Development Finance Corporation Ordinance, 1985 (XXXII of 1985), section 31 shall be omitted.

Amendments of the Pakistan Telecommunication (Re-organization) Act, 1996 (XVII of 1996).- In the Pakistan Telecommunication (Re-organization) Act, 1996 (XVII of 1996), sections 51 and 56 shall be omitted.

Amendments in the Income Tax Ordinance, 1979.- In the Income Tax Ordinance, 1979 (XXXI of 1979), the following further amendments shall be made, namely:-

(1) in section 2,-
(i) in clause (15), after the figure "4" the words "and includes a Director of Tax Withholding and a Director of Intelligence and Investigation", shall be inserted;

(ii) in clause (17A), after the word "Officer" occurring for the second time commas and the words ", a Deputy Director of Tax Withholding, an Assistant Director of Tax Withholding, a Deputy Director of Intelligence and Investigation, an Assistant Director of Intelligence and Investigation", shall be inserted;

(iii) for clause (19), the following shall be substituted, namely:-
"(19) "Director-General of Intelligence and Investigation means a person appointed to be a Director-General of Intelligence and Investigation under section 4;";

(iv) after clause (19A), the following new clause shall be inserted, namely:-
"(19AA) "Director-General of Tax Withholding means a person appointed to be a Director-General of Tax Withholding under section 4;";

(v) in clause (27), after the figure "4", the words "and includes an Additional Director of Tax Withholding and an Additional Director of Intelligence and Investigation", shall be inserted;

(vi) in clause (28), after the figure "4", the words "and includes an Auditor of Tax Withholding and an Inspector of Intelligence and Investigation" shall be inserted; and

(vii) in clause (37A), after and figure "4", the words "and includes a Director-General of Tax Withholding and a Director-General of Intelligence and Investigation" shall be inserted.

(2) in section 3, after clause (bb), the following new clause shall be inserted, namely:-
"(bbb) Director-General of Tax Withholding;";

(3) in section 4, in sub-section (1), after the word "Investigation", the words "Director-General of Tax Withholding" shall be inserted;

(4) after section 4A, the following new sections shall be added, namely:-
"4AA. Appointment of certain persons for survey etc.-

(1) Notwithstanding anything contained in this Ordinance, the Central Board of Revenue may, appoint any private agency, firm or company to carry out survey in respect of such persons or in such areas as it may assign by an order in writing.

(2) The agency, firm or company appointed under sub-section (1), shall have the power to make such enquiries and obtain from any person such information as Central Board of Revenue may, by order in writing, specify.

(3) The Central Board of Revenue shall, by order in writing, determine the scope of the survey referred to in sub-section (1).

4AAA. Appointment of persons for audit of tax withholding.-
(1) Notwithstanding anything contained in this Ordinance, the Central Board of Revenue may appoint any private agency, firm or company to carry out audit of tax withholding of a registered firm or a company where the amount of tax, to be deducted or collected under section 50, is not less than five hundred thousand rupees.

(2) The Central Board of Revenue shall, by order in writing, determine the scope of audit referred to in sub-section (1).

(3) The private agency, firm or company appointed under sub-section (1) shall have the power to enter the premises and inspect books of accounts and records of any person or classes of persons assigned to such agency, firm or company by an order in writing made by the Director Tax Withholding, in this regard:

"Provided that such agency, firm or company shall give three days advance notice of its intention to inspect books of accounts and record of the assigned person.";

(5) in section 12, after sub-section (9), the following new sub-section shall be inserted, namely:-
"(9A) Where an assessee, being a public company other than a scheduled bank or a modaraba, derives profits for any income year but does not distribute cash dividends within seven months of the end of the said income year, so much of its reserves as exceed fifty per cent of its paid up capital shall be deemed to be the income having accrued to such company during that year.".

(6) in section 13, in sub-section (1),-
(i) in clause (b), after the word "statement", the words "or return of wealth", shall be inserted;
(ii) in clause (c), after the word "statement", the words "or return of wealth", shall be inserted; and
(iii) in clause (d), after the word "statement", the words "or return of wealth", shall be inserted;

(7) after section 44A, the following new section shall be inserted, namely:-
"44B. Allowance for Mark up paid.- An assessee shall be entitled to an allowance in respect of any mark up paid by him in the income year on a house building loan invested in the purchase of a house or apartment under the Prime Minister's Programme for the Revival of Economy (Housing Sector).".

(8) In section 50,-
(i) in sub-section (2B), for the word "fifty" the word "twenty-five" shall be substituted.
(ii) sub-section (3), shall be renumbered as clause (a) of that sub-section and clause (a), renumbered as aforesaid,-

(a) (i) in the second provison after the word "banking" the words "or insurance" shall be inserted;
(ii) for the full stop, a semi-colon shall be substituted;

(b) after clause (a), the following new clauses shall be added, namely:-

"(b) where a person claims to be an agent of a non-resident he shall, before making any payment to such non-resident, file a declaration to that effect with the concerned Deputy Commissioner;

(c) where a person intends not to deduct tax, from any payment other than that specified hereunder, for the reason that it is not chargeable to tax under this Ordinance, he shall furnish the particulars of such non-resident and the nature and quantum of such payment to the Deputy Commissioner at the time of making -

(i) payment on account of imports of goods where title of ownership is transferred outside Pakistan; or
(ii) any payment on account of educational and medical expenses remitted in accordance with the regulations of State Bank of Pakistan; and

(d) Notwithstanding anything contained in clause (c), the Deputy Commissioner may, where he has reason to believe that the payment is chargeable to tax under this Ordinance, direct the person making the payment to deduct tax from such payment at the rates specified in the First Schedule or such lower rate as he may by order in writing, specify.".

(iii) for sub-section (4A), the following shall be substituted, namely:-

"(4A) Any person responsible for making any payment in full or in part (including a payment by way of advance) to any person, on account of brokerage or commission on behalf of the Government, a local authority, a company, a registered firm or foreign contractor or consortium shall deduct tax, at the time of making such payment, at the rate specified in the First Schedule:

Provided that where any person receives payment on behalf of his principal and remits it after deducting his commission such commission shall be deemed to have been paid to him and the tax shall be collected by such principal."

(iv) in sub-section (5), in clause (b), in the first proviso, after the word "materials" the commas and words ", other than edible oils," shall be inserted;

(v) in sub-section (5A), after the word "exporter" the words "or an indenting commission agent" shall be inserted;

(vi) after sub-section (5A), the following new sub-sections shall be inserted, namely:-

"(5AA) Every banking company shall at the time of realization of proceeds on account of supply of goods to an exporter under an inland back to back letter of credit, deduct tax at the rates specified in the First Schedule.

(5AAA) Notwithstanding anything contained in this Ordinance or in any other law for the time being in force,-

(a) the Collector of Customs, in the case of every importer of wheat, who opened a letter of credit before the nineteenth day of May, 1999, shall, in addition to the tax collectable under sub-section (5), collect tax equal to ninety per cent of the amount of difference in the exchange rate prevailing at the close of banking hours on the said day as notified by the National Bank of Pakistan for selling T.T. and O.D., and the rate at which payment in foreign exchange was made or foreign exchange was booked, as the case may be; and

(b) the tax under clause (a) shall be collected in the same manner and at the same time as the customs duty as if such goods (even though exempt from such duty) were liable to such duty, and all the provisions of the Customs Act, 1969 (IV of 1969), shall, so far as may be, apply accordingly.

(vii) in sub-section (7B), after the comma, occurring after the word "company", the commas and words ", a non-government charitable institution, a private educational institution, a hospital, a clinic or a maternity home", shall be inserted;

(viii) after sub-section (7F), the following new sub-sections shall be inserted, namely:-

"(7G) At the time of preparing gas consumption bill in respect of any commercial or industrial consumer, the person responsible for preparing such bill, shall charge tax on the amount of the gas bill at the rates specified in the First Schedule, and the credit for the tax so collected in any financial year shall, subject to the provisions of section 53, be given in computing the tax payable by such consumer for the assessment year commencing on the first day of July next following the said financial year, or in the case of an assessee to whom section 72 or section 81 applies, the assessment year in which the "said date" as referred to therein falls, whichever is the later.

(7H) Every person, at the time of making sale of petroleum products to a petrol pump operator, shall collect tax on the amount of commission or discount allowed to such operator at the rate specified in the First Schedule.";

(9) in section 52, at the end, the following Explanation shall be added, namely:-

"Explanation.- For the purposes of this section, action is to be taken by the Deputy Commissioner having jurisdiction under section 5 over the case of the assessee in default may initiate action.";

(10) after section 52, amended as aforesaid, the following new section shall be inserted, namely:-

"52A. Recovery from the person from whom tax was not deducted or collected.- Where any sum deductible or collectable by any person has not been deducted or collected as required by, or under section 50, the Deputy Commissioner having jurisdiction over the case of the person from whom tax was deductible or collectable, without prejudice to any liability which the person responsible for deduction or collection of tax under section 50 on behalf of the Government may incur under this Ordinance, may recover the sum not deducted or collected from the person from whom tax was to be deducted or collected and all provisions of this Ordinance relating to recovery of tax shall apply.".

(11) in section 55, in sub-section (1), in the second proviso for the word "one" the word "two" shall be substituted.

(12) in section 59, in sub-section (1), for the words and commas "being an individual, an unregistered firm, a registered firm, an association of persons or a Hindu undivided family" the words and commas "not being a public company or a company engaged in the business of banking, leasing and modaraba," shall be substituted;

(13) after section 80AA, the following new section 80AAA shall be inserted, namely:-
"80AAA. Tax on income of non-residents from royalty.- (1) Notwithstanding anything contained in this Ordinance where any consideration by way of royalty, referred to in the Explanation to sub-section (4) of section 12 is received or is deemed to be received by, or accrues or arises or is deemed to accrue or arise to, a non-resident, the whole of such consideration shall be deemed to be income of the non-resident and tax thereon shall be charged at the rate of fifteen per cent of such income.

(2) The person making any payment referred to in sub-section (1), or an agent authorised by the non-resident to receive such royalty on his behalf, shall prepare and furnish to the Deputy Commissioner within thirty days from the last day of each period of six months in every financial year, that is to say, the thirty-first day of December and the thirtieth day of June respectively, a return, in respect of each such period of six months as aforesaid, showing therein full particulars of the income referred to in the said sub-section and tax deducted thereon.

(3) On receipt of such return, the Deputy Commissioner may, after calling for such particulars, accounts or documents as he may require, determine the income referred to in-subsection (2) and charge tax thereon in accordance with the provisions of this section.

(4) Nothing contained in this Ordinance shall be so construed as to allow any expense against the income determined under sub-section (3).

(5) The tax paid under this section shall, to the extent that the income of the non-resident is chargeable under this section, be deemed to be the final discharge of his tax liability under this Ordinance and he shall not be required to file the return of total income under section 55 nor shall claim any refund or adjustment on the basis of such return.".

(14) in section 80C,-
(a) in sub-section (2), in clause (a),-

(i) in sub-clause (i), after the word "rendered" the words and commas "by doctors, lawyers, accountants, auditors, architects, surveyors, actuaries, engineers, advisors and consultants" shall be inserted;

(ii) in sub-clause (ii) the word "and" at the end, shall be omitted and thereafter the following new sub-clause shall be inserted, namely:-

"(iia) the amount on which tax is collectable under sub-section (5AAA) of section 50;";

(iii) after sub-clause (iii), the following new sub-clause shall be inserted, namely:-

"(iv) the amount on which tax is deductible under sub-section (7H) of section 50; and";

(b) in sub-section (4), in the proviso, for the full stop a colon shall be substituted and thereafter the following new proviso shall be added, namely:-

"Provided further that where the tax deducted or collected under any sub-section of section 50 specified in clause (a) of sub-section (2) is, for any reason, not collected or deducted in accordance with the said sub-section or the tax so deducted in less than the amount deductible or collectable, the assessee shall be required to pay the said amount.";

(c) after sub-section (5), the following new sub-section shall be added, namely:-

"(6) Where an assessee derives income from any source which is subject to tax in accordance with the provisions of this section, and the tax liability is less than the tax payable on such income had it not been chargeable to tax under this section, the difference in tax shall be payable in accordance with section 54 along with the return of income, provisions of sub-section (4) notwithstanding.";

(15) in section 80CC, in sub-section (1), after the brackets, figure and letter "(5A)", the commas, words, brackets, figure and letters ", or sub-section (5AA)" shall be inserted.

(16) in section 80D,-

(i) in the marginal heading, for the words "companies or a registered firm" the word "persons" shall be substituted;

(ii) in sub-section (1), after the word "firm" occurring twice, the commas, words, bracket and figures ", an individual, an association of persons, an unregistered firm or a Hindu undivided family which, not being a company, does not qualify for assessment under the self assessment scheme under sub-section (1) of section 59" shall be inserted; and

(iii) in sub-section (2), after the word "firm" the commas, words, brackets and figures ", a registered firm, an individual, an association of persons, an unregistered firm or a Hindu undivided family which, not being a company, does not qualify for assessment under the self assessment scheme under sub-section (1) of section 59" shall be inserted.

(17) after section 80D, amended as aforesaid, the following new sections shall be inserted, namely:-

"80DD. Minimum tax on income of importers of edible oils, etc.- Notwithstanding anything contained in this Ordinance, or any other law for the time being in force, the tax collected under sub-section (5) of section 50 on import of edible oils as raw material by an industrial undertaking shall be deemed to be the minimum amount of tax payable under this Ordinance and where the final tax liability determined under this Ordinance exceeds the amount collected under the said sub-section, the said amount shall be adjustable against such liability of the said industrial undertaking.

"80E. Minimum tax on income of certain persons.- (1) Notwithstanding anything contained in the Ordinance, where a person being an individual, unregistered firm, association of persons, Hindu undivided family is liable to `turnover tax' in accordance with section 3A of Sales Tax Act, 1990, he may, for the assessment year commencing on or after 1st day of July, 2000, opt for payment of tax, in accordance with the provisions of this section, on his income to which such turnover relates.

(2) For the purposes of this section, the turnover on which sales tax is payable under the Sales Tax Act, 1990, shall be deemed to be the income of such person and tax equal to one per cent of turnover shall be payable along with the sales tax returns.

(3) The tax paid under this section shall, to the extent that the income of a person is chargeable to tax under this section, be deemed to be the final discharge of his tax liability under this Ordinance, and he shall not be required to file the return of total income under section 55 nor shall be entitled to claim any refund or adjustment.

Provided that where the tax so paid is less than the tax payable on the last assessed income under the Ordinance; the tax so paid shall not constitute full and final discharge of the tax liability of the assessee, and he shall be required to pay the amount representating the difference between the tax payable under this section and the tax so paid and all the provisions of this Ordinance shall apply accordingly.";

(18) after section 143D, the following new section shall be inserted, namely:-

"143E. Liability of tax withholding agents to be registered.- (1) Every person responsible to deduct or collect tax under this Ordinance shall get himself registered in the manner as may be prescribed;

(2) Where any person without reasonable cause, fails to get himself registered under sub-section (1), the Deputy Commissioner may impose upon such person a penalty not exceeding two thousand rupees:

Provided that no such penalty shall be imposed unless such person has been given a reasonable opportunity of being heard.";

(19) In section 150,-

(i) in sub-section (3), after clause (p), the full stop, the semi-colon and word "; or" shall be substituted and thereafter the following new clause shall be added, namely:-

"(q) of such facts to the Federal Tax Ombudsman appointed under any law for the time being in force.";

(ii) after sub-section (5), a new sub-section shall be inserted, namely:-

"(5A) Nothing contained in sub-section (1) shall prevent the Federal Government from publishing particulars and the amount of tax paid by a holder of a public office as defined in the Ehtesab Act, 1997 (IX of 1997).".

(20) In the First Schedule,-
(a) in Part I,-

(i) in paragraph A,-
(a) after the word "which" occurring for the first time, the words and letters "paragraph AA or", shall be inserted;

(b) for serial number 4, and the entry relating thereto, the following shall be substituted, namely:-

"4. Where the total Rs.30,000 plus income exceeds 20% of the amount Rs.300,000 but exceeding does not exceed Rs.300,000."; and Rs.500,000.

(c) after serial number 4, substituted as aforesaid, the following new serial number and the entries relating thereto, shall be added, namely:-

5. Where the total Rs.70,000 plus income exceeds 25% of the amount Rs.500,000 but exceeding does not exceed Rs.500,000 , Rs.700,000.

6. Where the total Rs.120,000 plus income exceeds 30% of the amount Rs.700,000 but exceeding does not exceed Rs.700,000 , Rs.1,000,000.

7. Where the total Rs.210,000 plus income exceeds 35% of the amount Rs.1,000,000. exceeding Rs.1,000,000.";

(ii) in clause (g), in the proviso, for the full stop a colon shall be substituted and thereafter the following provisos shall be inserted, namely:-

"Provided further that nothing contained in this clause shall apply in the case of any assessee for any assessment year commencing on or after the first day of July, 2000:

Provided also that for the purposes of deduction of tax at source under sub-section (1) of section 50, the tax in respect of income for the financial year 1999-2000 and thereafter, shall be the rates as given in paragraph A.";

(iii) after paragraph A, the following new paragraph shall be inserted, namely:-

"AA. Notwithstanding anything contained in paragraph A, the rates of income tax for individuals, unregistered firms, associations of persons and Hindu undivided families who qualify for assessment under the scheme of self assessment made by the Central Board of Revenue, under section 59 for the assessment year 1999-2000, income tax shall be payable at the following rates:-

(a) Where the total income
Rs.50,000. Rs.2,500 exceeds Rs.50,000 but the amount exceeding does not exceed Rs.50,000.
Rs.150,000.

(c) Where the total income Rs.12,500 plus 20% of re the total income Rs.2,500 plus
10% of exceeds Rs.150,000 but the amount exceeding Rs.300,000.

(d) Where the total income Rs.42,500 plus 30% of exceeds Rs.300,000. the amount exceeding

(iv) in paragraph CC, in clause (b), for the words "seven and one half" the word "Ten" shall be substituted.

(v) in paragraph CCC, in sub-paragraph (i),-

(a) in clause (a), after the word, brackets and letter "or (c)" the word, brackets and letters "or (cc)" shall be inserted;
(b) in clause (c), the word "and" at the end, shall be omitted and thereafter the following new clause shall be inserted, namely:-

"(cc) on the income representing payments on account of brokerage or Ten per cent commission of such income:

Provided that this clause shall take effect from the assessment year commencing on the first day of July, 2000; and";

(c) for the full stop appearing at the end of clause (d), a semi-colon shall be substituted and thereafter the following new clause (dd) shall be inserted, namely:-

"(dd) on the income representing the difference referred to in sub- Ninety per section (5AAA) of cent of such section 50. income.";

(d) after clause (e), the following new clause shall be inserted, namely:-

"(f) on the income Ten per cent." representing commission or discount referred to in sub-section (7H) of section 50.

(vi) in paragraph CCCC, after the word "applies" the commas and words "including supplies of goods to an exporter under a back to back inland letter of credit," shall be inserted.

(vii) after paragraph CCCC, the following new paragraph shall be inserted, namely:-
"CCCCC. On income from Ten Per cent indenting commission referred to in sub-section (5A) of section 50.

(viii) in paragraph DDA, for the figure "0.20" the figure "0.30" shall be substituted;

(ix) in paragraph FF,-

(a) after the brackets, figure and letter "(5A)" the words, brackets, figure and letters "excluding income to which paragraph FFA applies and sub-section (5AA) apply", shall be inserted; and

(b) for the words "exports covered under" the words "supply of goods to an exporter under a back to back inland letter of credit and from exports covered under" shall be substituted;

(x) after paragraph FF, the following new paragraphs shall be inserted, namely:-
"FFA.Income from indenting Ten per cent commission referred to in sub-section (5A) of section 50.
FFB. Rate for collection Ninety per cent of income tax under of such income.";sub-section (5AAA) of section 50.

(xi) in paragraph HHHH, for the words "seven and one half", the word "Ten" shall be substituted;

(xii) after paragraph L, the following new paragraphs shall be added, namely:- "M. Rates of collection of income tax under sub- section (7G) of section 50,-

(a) in the case of a commercial consumer if the gas bill-
(i) does not exceed Rs.2500. Nil
(ii) exceeds Rs.2500 but does Rs.150 not exceed Rs.4000
(iii) exceeds Rs.4000 but does Rs.300 not exceed Rs.6000
(iv) exceeds Rs.6000 but does Rs.400 not exceed Rs.7500
(v) exceeds Rs.7500 Rs.500

(b) in the case of an industrial consumer if the gas bill-
(i) does not exceed Rs.2500. Nil
(ii) exceeds Rs.2500 but does Rs.250 not exceed Rs.5,000
(iii) exceeds Rs.5,000 but does Rs.500 exceed Rs.10,000
(iv) exceeds Rs.10,000 but does Rs.1000 exceed Rs.20,000
(v) exceeds Rs.20,000 but does Rs.2000 exceed Rs.30,000
(vi) exceeds Rs.30,000 Rs.3000

N. The rate of collection Ten per cent of of income tax under the amount of sub-section (7H) of commission or section 50. discount.";

(b) in Part III, in paragraph B, in sub-paragraph (d), the full stop at the end, a colon shall be substituted and thereafter the following proviso shall be added, namely:-

"Provided that no surcharge shall be payable by an assessee for any assessment year beginning on or after the first day of July, 1999, where his total income consists of, or includes, any income chargeable under the head "salary" and such income constitutes more than fifty per cent of his total income.";

(c) in Part V, in paragraph A,-
(i) after the letters and words "D and E" the word and letter "or F" shall be inserted;
(ii) sub-paragraph (2A) shall be omitted;
(iii) for sub-paragraph (3), the following shall be substituted, namely:-

"(3) in respect of any assessment year commencing on or after the first day of July, 1999 and thereafter,-

(a) in the case of a banking company; 58 per cent
(b) in the case of a public company other than a banking company; and 33 per cent
(c) in the case of any other company. 43 per cent.";
(d) in paragraph B, after the letter "E" the words, figures and letters "or section 80C or 80CC" shall be inserted; and
(e) in paragraph D, in clause (a), after the word "company" the words "other than a company carrying on insurance business" shall be added.
(f) after paragraph E, the following new paragraph shall be added, namely:-

"F. Rate of income tax Ten per cent on the amount deemed of such income.".to be income of a company under sub-section (9A) of section 12. (22) In the Second Schedule,-
(a) in Part I,-
(i) the following new clause shall be inserted, namely:-

"(102F) The income of National Investment (Unit) Trust for the assessment years 1999-2000 and 2000-2001.";

(ii) for clause (102E), the following shall be substituted, namely:-

"(102E) Any income, not being income from trading activity, of a modaraba registered under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980), for any assessment year commencing on or after the first day of July, 1999:

Provided that not less than ninety per cent of its total profits in the year as reduced by the amount transferred to a mandatory reserve, as required under the provisions of the said Ordinance or the rules made thereunder:

Provided further that for the purpose of determining the distribution of ninety per cent profits, the profits distributed though bonus certificates or shares to the certificate holders shall not be taken into account.";

(iii) after clause (183), the following clause shall be added, namely:-

"(184). Any income of a special purpose vehicle as defined in the Asset Backed Securitization Rules, 1999 made under the Companies Ordinance, 1984 (XLVII of 1984):
Provided that, if there is any income which accrues or arises in the accounts of the special purpose vehicle, after completion of the process of the securitization, it shall be returned to the Originator as defined by the said rules within the income year next following the year in which the income has been determined and such income shall be taxable in the hands of the Originator.";

(b) in Part II,-

(i) after clause (6A), the following new clause shall be inserted, namely:-

"(6AA). Tax shall be collected at the rate of two and one half per cent on the basis of the value of edible oils as increased by the customs duty and sales tax, if any, levied thereon.";

(ii) clause (6B) shall be omitted;

(iii) after clause (14), the following new clause shall be added, namely:-

"(15). In the case of any person being a builder and developer of houses and apartments under the Prime Minister's Programme for Economic Revival (Housing Sector), a presumptive income tax of an amount equal to one per cent of the turnover on account of sales of such houses and apartments, shall be charged.";

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