Incentive Data

Exemption of Advance Tax upto 2030 on import of Ships and other floating crafts.

(98) The provisions of section 148 shall not apply to import of ships and other floating crafts including tugs, survey vessels and other specialized crafts purchased or bare-boat chartered by a Pakistani entity and flying Pakistani flag: Provided that exemption under this clause shall be available up to the year [2030], subject to the condition that the ships and crafts are used for the purpose for which they were procured, and in case such ships and crafts are used for demolition purposes, tax collectible under section 148, applicable to ships and crafts purchased for demolition purposes, shall be chargeable.


Section 98, Part IV EXEMPTION FROM SPECIFIC PROVISIONS, of Income Tax Ordinance 2001