ISLAMABAD: The Federal Board of Revenue has issued new rules for computation, determination and collection of capital gains tax for foreign institutional investors (FII).
The rules were notified through SRO161 of 2015 released here on Tuesday.
By way of an amendment through the Finance Act, 2014, exemption to FII, from the application of Eighth Schedule to the Income Tax Ordinance, 2001, was withdrawn.
Therefore, now these FIIs are subject to withholding tax provisions through a mechanism prescribed in Eighth Schedule to the Income Tax Ordinance, 2001, for computation and collection of capital gains tax (CGT) through National Clearing Company of Pakistan Limited (NCCPL).
Published in Dawn February 25th , 2015
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