7. Amendments of Income Tax Ordinance, 2001 (XLIX of 2001).—In the Income Tax Ordinance, 2001 (XLIX of 2001), the following further amendments shall be made, namely:—
(27) after section 65E, the following new sections shall be inserted, namely:—
65G. Tax credit for specified industrial undertakings.—(1) …..
the eligible taxpayers defined in sub-section (3) shall be allowed to take an investment tax credit of twenty five percent of the eligible investment amount, against tax payable under the provisions of this Ordinance including minimum and final taxes.
(3) For the purpose of this section, eligible person means—
(a) green field industrial undertaking as defined in clause (27A) of section 2 engaged in—
(ii) ship building:
Provided that the person incorporated between the 30th day of June, 2019 and the 30th day of June, 2024 and the person is not formed by the splitting up or reconstitution of an undertaking already in existence or by transfer of machinery, plant or building from an undertaking established in Pakistan prior to the commencement of new business and is not part of an expansion project;
Section 7, clause 27, 65G, (3), (a), (ii) of the Finance Act 2001