GILGIT-BALTISTAN COUNCIL INCOME TAX (ADAPTATION) ACT, 2012
(3) It shall come into force at once.
2. Adaptation of Income Tax Ordinance, 2001 of Pakistan.—The Income Tax Ordinance, 2001 (XLIX of 2001), hereinafter referred to as the said Ordinance, as in force in Pakistan immediately before the commencement of this Act and all rules made and notifications issued thereunder are adapted and shall, as far as practicable, be in force in Gilgit-Baltistan subject to the following modifications, namely:—
(a) the expressions "Pakistan", "Federal Government", and "Federal Board of Revenue" shall respectively be construed to be references to "Gilgit-Baltistan", the "Gilgit-Baltistan Council" and the "Board of Revenue";
(b) the expression "Provincial Government" shall be construed to refer to the Gilgit-Baltislan Government: and
(c) in the Second Schedule, in Part III, after clause (14), the following new clause shall be added, namely:—
"(15) The tax payable under Part-I of the First Schedule by an individual domiciled in Gilgit-Baltistan and deriving income from sources within Gilgit-Baltistan shall be reduced by 50 percent".
3. Removal of difficulty.—If any difficulty arises in giving effect to the provisions of this Act, the Gilgit-Baltistan Council Board of Revenue may, from time to time, make such order, not inconsistent with provisions of this Act, as may appear to it to be necessary for the purpose of removing such difficulty.
Passed by the Gilgit-Baltistan Council on the 21 st March, 2012.