Section 46: Profit on debt
The Income Tax Ordinance, 2001 · Federal Acts · in_force
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46. Profit on debt.— Any profit received by a non-resident person on a security issued by a resident person shall be exempt from tax under this Ordinance where— (a) the persons are not associates; (b) the security was widely issued by the resident person outside Pakistan for the purposes of raising a loan outside Pakistan for use in a business carried on by the person in Pakistan; (c) the profit was paid outside Pakistan; and (d) the security is approved by the 1[Board] for the purposes of this section.
Effective date: 2001-09-13
Related sections
Section 45: President’s honoursSection 47: ScholarshipsSection 44A: Exemption under Foreign Investment (Promotion and Protection)Section 48: Support payments under an agreement to live apartSection 44: Exemptions under international agreementsSection 49: Federal Governments, Provincial Government and Local
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