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PART IV
TAX EXEMPTIONS AND TAX CREDIT
36. Conditions and procedure for approval of debentures and debenture stock for the purpose of allowances for investment under section 41 (1) (e).-- (1) A public company fulfilling the conditions specified in sub-rule (2) and desiring to be declared as an approved public company within the meaning of clause (e) of sub-section (1) of section 41 shall make an application to the Board in duplicate setting out the following particulars, namely:-
PARTICULARS
(1) Name of the company.
(2) The location of its registered office.
(3) Date of incorporation.
(4) Whether it is a company-
(i) in which more than fifty per cent shares are held by the Government; or
(ii) whose shares are or are proposed to be the subject of dealings on a registered stock
exchange in Pakistan; or
(iii) any other company.
(5) Authorised share-capital of the company and classes of shares and their value.
(6) The amount of share capital issued or proposed to be issued and the classes of shares
and their value.
(7) The location of the industrial undertaking, and if the undertaking has not yet been
set up, the place where it is intended to be set up.
(8) Date of setting up of the undertaking.
(9) Date of commencement of business, if any.
(10) Whether it is-
(i) an undertaking engaged in the manufacture of goods or materials or the subjection of
goods or materials to any such process (the exact nature of the undertaking should be
stated);
(ii) an undertaking engaged in ship-building and navigation;
(iii) an undertaking engaged in the transformation, generation conversion, transmission or
distribution of electrical energy;
(iv) an undertaking for the supply of hydraulic power;
(v) an undertaking engaged in or formed for carrying on the business of-
(1) insurance.
(2) transport.
(3) building residential houses for sale; or
(vi) any other business run by a Government sponsored Finance Corporation approved by the
Board or the Controller of Capital Issues for the purposes of section 41.
(11) Whether the undertaking involves or will involve the use of—
(i) electrical energy;
(ii) any form of energy which is mechanically transmitted and is not generated by human or
animal agency; or
(iii) any other form of energy.
(12) If the business has already commenced, the number of employees engaged in the
undertaking.
(13) If the business has not commenced, the minimum number of employees expected to be
engaged.
(2) The following are the conditions referred to in sub-rule (1), namely:-
(a) that it is a "Pakistani industrial public company" within the meaning of the
Explanation to clause (f) of sub-section (1) of the section 41; and
(b) that the competent authority under the
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(1) Name of the company.
(2) The location of its registered office.
(3) Whether it is:-
(i) an investment company.
(ii) a holding company.
(iii) a Pakistani industrial public company, the share-capital of which is owned, wholly
or in part, and the management of whose affairs is controlled, directly or indirectly, by
the Federal Government.
(4) Date of incorporation.
(5) In the case of an investment company or a holding company,-
(i)whether it is a public company or a private company as defined in the Companies Act,
1913 (VII of 1913); and
(ii) whether it is a subsidiary company of a company falling within the description of
sub-item (i) and if
(a) whether the whole of its share capital is held by the parent company; or
(b) whether the whole of the share capital is held by the nominee of the parent company;
and
(c) the name(s) and address(es) of the parent company or the nominees thereof, as the case
may be.
(6) In the case of a Pakistani industrial public company,-
(i) whether it owns and runs an industrial undertaking to which section 48 is applicable;
and
(ii) if it is not so, whether an application for the purpose has been made and the date of
such application.
(7) Whether the approval of the competent authority under the Controller of Capital Issues
(Continuation of Control) Act, 1947 (XXIX of 1947) has been obtained to the capital issue;
if so, the amount permitted to be issued.
(8) Authorised share-capital of the company and classes of' shares and their value.
(9) The amount of share capital issued or proposed to be issued and the classes of shares
and their value.
(2) For the purposes of sub-rule (1),-
(a) "investment company" means a company engaged, principally or wholly, in
buying and selling securities of other companies and includes a company, not being a
holding company, the investment of which in the share capital of other companies at any
one time is of an amount equivalent to eighty per cent of the aggregate of its own paid up
capital and free reserves but does not include a band or an insurance company or a corporation
which is a member of a stock Exchange;
(b) "holding company" means a company whose assets consist, in whole or in part,
of share in another company, whether held directly or through a nominee and whether that
other company is a company within the meaning of Companies Act, 1913 (VII of 1913), or
not, if--
(i) the amount of shares so held is, at the time when the accounts of the company are made
up, more than fifty per cent of the issued share capital of that other company or such as
to entitle the company to more than fifty per cent of the voting power in that company; or
(ii) the company has power not being power vested in it by virtue of only the provisions
of a debenture trust deed or by virtue of shares issued to it for the purpose in pursuance
of these provisions directly or indirectly to appoint the majority of the directors of
that company:
Provided that where a company, the ordinary business of which includes lending of money
holds shares in another company as security only, no account shall, for the purpose of
determining whether the company is a holding company under this clause, be taken of shares
so held.
(c) "Pakistani industrial public company" means a company engaged in carrying on
of an undertaking which fulfills the conditions specified in clauses (a), (b), (d) and (e)
of sub-section (2) of section 48.
(3) The application referred to in sub-rule (1) shall be signed by the Principal Officer
of the company and shall be accompanied by the documents specified in sub-rule (3) of rule
36.
(4) On receipt of an application under the sub-rule (1), the Board may make such enquiries
or call for such further information as it may deem necessary.
(5) If the Board is satisfied that the company should be declared as an approved company
within the meaning of this rule, it shall issue a declaration to that effect and notify
the fact in the official gazette and to the company.
39. Procedure and conditions for approval of retirement annuity
contract under section 44.- (1) An application for approval of an annuity contract
under section 44 setting forth complete particulars of the said contract shall be made
within a period of three months of the drawing of the contract to the Commissioner in
whose jurisdiction the individual is assessed:
Provided that the Commissioner may entertain an application made after the expiry of the
time-limit specified in sub-rule (1) if he is satisfied that there was sufficient cause
which prevented the application from being made within the specified time.
(2) The application under sub-rule (1) shall be accompanied by-
(a) a duly attested copy of the contract of annuity; and
(b) an affidavit duly signed by the applicant to the effect that-
(i) his total income does not include income which is chargeable under the head
"interest on securities" or "income from house property" or capital
gains" or any income chargeable under the head "income from other sources"
in so far as it is not immediately derived from personal exertion of the applicant; and
(ii) the applicant is not entitled to any pension or any retirement benefits.
(3) The Commissioner after making such inquires or a calling for such information as may
be deemed necessary shall, if he is satisfied that the contract should be declared as
approved, issue a declaration to the effect and notify the fact to the applicant in
writing.
(4) No approval under this rule shall be granted in cases where the contract of annuity
provides-
(i) for the annuity payable to the individual to commence before he attains the age of
fifty five years in the case of persons deriving income from sources mentioned in clause
(a) of section 44 or sixty years in the case of others; or
(ii) for the payment during the life of the individual of any sum except sums payable by
way of annuity to the individual; or
(iii) for the payment of any other sums except by way of annuity to the individual's widow
or widower and any sums which in the event of no annuity becoming payable either to the
individual or to the widow or ------widower's are payable to the individual, legal representative by way of
return of premia, or by way of bonus; or
(iv) for the annuity, if any, payable to the widow or widower of the individual to be of a
greater annual amount than that paid or payable to the individual; or
(v) that the annuity shall be capable in whole or in part of surrender, commutation or
assignment; or
(vi) for payment of the annuity outside Pakistan:
Provided that the Commissioner may, if he thinks fit, and subject to such conditions as he
may think proper to impose, approve an annuity contract providing for one or more of the
following matters, namely:-
(a) for the payment after the death of the individual an annuity to a dependent other than
the widow or widower of the individual;
(b) for the payment to the individual of an annuity commencing before he attains the age
specified in clause (i) if the annuity is payable on his becoming incapable through
ill-health or any other reason beyond his control for carrying on his profession or any
other profession similar to the one for which he is trained or fitted;
(c) for the annuity payable to any person to continue for a specified period (not
exceeding fifteen years); and
(d) in the case of an annuity which is to continue for a specified period for the annuity
to be assigned at will.
(5) The approval shall be effective from the date of the approval of the contract.
(6) The provisions of an annuity contract approved by the Commissioner
under this rule shall not subsequenfiy be varied except with the prior approval of the
Commissioner.
(7) The Commissioner may, at any time, by notice in writing and after giving a reasonable
opportunity of being heard to the persons by and to whom premia are payable under any
annuity contract for the time being approved under this rule, withdraw approval on such
grounds and from such date as may be specified in the notice.
(8) Where a deduction under section 44 is claimed and allowed for any assessment year in
respect of any payment, relief shall not be given in respect of it under any other
provision of the Ordinance for the same or a later assessment year.
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