President Asif Ali Zardari has further amended the Income Tax Ordinance, 2001 where 15 per cent surcharge shall be payable by every taxpayer of the income tax. It shall come into force at once. Following is the text of the Ordinance: “No. F. 2(1)/2011-Pub.- The following Ordinance promulgated by the President is hereby published for general information:- Ordinance No. IV of 2011 An Ordinance Further to amend the Income Tax Ordinance, 2001 whereas it is expedient further to amend the Income Tax Ordinance, 2001 for the purposes hereinafter appearing; And Whereas the Senate and the National Assembly are not in session and the President is satisfied that circumstances exist which render it necessary to take immediate action;(47) [222(2011) (Ex.Gaz] Price: Rs. 2.00. Now, therefore, in exercise of the powers conferred by clause(1) of Article 89 of the Constitution of the Islamic Republic of Pakistan, the President is pleased to make and promulgate the following Ordinances: Short title and commencement:- (1) This ordinance may be called the Income Tax (Amendment) Ordinance, 2011. (2) It shall come into force at once. (2)Amendment of Section 2, Ordinance XLIX of 2001:- In the Income Tax Ordinance, 2001, after section 4, the following new section shall be inserted, namely:- “4A, surcharge,- (1) Subject to this ordinance, a surcharge shall be payable by every taxpayer at the rate of fifteen per cent of the income tax payable under this Ordinance including the tax payable under part V of Chapter X of Chapter XIII, as the case may be, for the period commencing from the promulgation of this ordinance, till the 30th June, 2011. (2) Surcharge shall be paid, collected, educated and deposited at the same time and in the same manner as the tax is paid, collected, deducted and deposited under this Ordinance including Chapter X or XII as the case may be: Provided that this surcharge shall not be payable for the tax year 2010 and prior tax years and shall be applicable, subject to the provisions of sub-section (1), for the tax year 2011 only”.
By: Dawn News