Section 5AA: Tan on return on investments in Sukuks

6[5AA. Tax on return on investments in sukuks.—(1) Subject to this Ordinance, a tax shall be imposed, at the rate specified in Division IIIB of Part I of the First Schedule, on every person who receives a return on investment in sukuks from a special purpose vehicle1[, or a company]. (2) The tax imposed under sub-section (1) on a person who receives a return on investment in sukuks shall be computed by applying the relevant rate of tax to the gross amount of the return on investment in sukuks. (3) This section shall not apply to a return on investment in sukuks that is exempt from tax under this Ordinance.”]

Effective date: 2001-09-13

Related sections