Exemption From Advance Tax on Import of Potatoes

Federal Government vide SRO ____(I)/2014 dated 02.05.2014 has made an amendment in Part IV of the Second Schedule of the Income Tax Ordinance, 2001 by inserting a new clause (56B). By virtue of newly added clause provisions of section 148  (Advance tax on imports) shall not be applicable in respect of import of 200,000 metric tons for the period from 05.05.2014 to 31.07.2014. No advance income tax shall be collected at the time of such imports.