According to the notification, the provisions of section 5A shall not apply to a company where a restriction has been imposed on distribution of dividend on account of an agreement with the government of Pakistan. Following is the text of the SRO issued here on Tuesday: SRO 234(1)/2018.- In exercise of the powers conferred by sub-section (2) of section 53 of the Income Tax Ordinance, 2001 (XLIX of 2001), the Board with the approval of federal minister-in-charge is pleased to direct that the following further amendment shall be made in the Second Schedule to the said Ordinance, namely:-
In the aforesaid schedule, in Part-IV, after clause (103), the following new clause shall be added, namely:-
"(104) the provisions of section 5A shall not apply to a company where a restriction has been imposed on distribution of dividend on account of an agreement with the government of Pakistan.