59. Form of application for seeking exemption from tax to be made by a company

59. Form of application for seeking exemption from tax to be made by a company.---      

(1) An application under clause (f) of sub-section (2) of section 46A of the ordinance for approval for the purposes of that section in respect of an industrial under taking, tourist industry or physical infrastructure facility shall be made in the following from, in  duplicate,  duly  signed  and verified  by  the  Managing  Director  or  Form  of Application under section 46A of the Ordinance:

Form of Application under section 45/46 of The Income Tax Ordinance, 1984
         (XXXVI of 1984)

(i) The name of the company:
(ii) Date of incorporation of the company;

(iii) Location of its registered office (with full address);
(iv) The location of the industrial undertaking/ tourist industry/ physical infrastructure facility;
(v)   Tax Identification Number (TIN) and name of the Zone of   Commissioner of Taxes and the circle of the Deputy commissioner of Taxes under whose jurisdiction the company is assessed or will be assessed;
(vi) Date of opening of the letter of credit;
(vii)   Date   on   which   the   machinery   installed   was   ready   for   production/ operation/service;
(viii)  Date  or  dates  on  which  the  industrial  undertaking/  tourist  industry/  physical infrastructure facility for which approval is sought started--

(a) trial production/operation/service;
(b) commercial production/ operation/service;

(ix) Date on which the issued, subscribed and paid up capital of the company reached the figure of taka one lakh;
(x) The present paid up capital of the company; (xi) Authorised share capital of the company; (xii) Amount of share capital issued;
(xiii)     Amount  of  investment  involved  in  setting  up  and  running  the  industrial undertaking/tourist industry/physical infrastructure facility for which approval is sought;
(xiv) Minimum number of employees required to be engaged in one shift;
(xv) Whether the industrial undertaking/tourist industry/physical infrastructure facility uses electric energy or gas (the date or which the electricity or gas connection was physically given should be mentioned);
(xvi) Value added tax (VAT) Registration   Number /Turn over tax number;
(xvii) Exact nature of business of the industrial undertaking/ tourist industry/physical infrastructure facility and in case of an industrial undertaking the list of items manufactured;
(xviii)Raw materials to be used in the industrial undertaking;
(vixx)Whether any building plant or machinery has been taken on rent or lease for the industrial  undertaking/tourist  industry/  physical  infrastructure  facility;  if  so, detailed description shall be given;
(xx) name and address of the Managing Director and Directors of the company with particulars of their holdings and interest in the company and other companies or  enterprises.

Signature of the
Date ...                                                                                                                                                  Managing Director/Director.

                                                             

VERIFICATION

(a) an attested copy of certificate of incorporation;
(b) an attested copy or the certificate of commencement of business;
(c) an attested copy of the letter of the   Government conveying sanction to the issue of capital;
(d) an attested copy of the Memorandum and Articles of Association of the company;

(e) in case the company  has already  commenced business, certified copy of the audited balance sheet and profit and loss accounts for the three latest completed years or any lesser period   which the accounts have been prepared (for and incomplete year trial balance may submitted);

(f) an  attested  copy  of  the  complete  scheme  of  the  unit  as  submitted  to  the Government at the time of obtaining the sanction;

(g) a certified copy of blue print of the building where the industrial undertaking tourist industry for which emption of income sought is located, showing the installed position of the machinery; and
(h) in case the industrial undertaking/tourist industry for which approval is sought has been acquired from another party, an attested copy of the agreement between the applicant company and the seller entered into for the acquisition of the undertaking/industry with list and value of assets acquired;

(3) The application shall be accompanied by ---

(i) an attested copy of certificate of incorporation;
(ii) an attested copy of the certificate of commencement of business;
(iii)  an  attested  copy  of  the  Memorandum  and  Articles  of  Association  of  the company;
(iv) in case the company has already commenced business, certified copy of the audited balance sheet and profit and loss accounts for the period for which the accounts have been prepared  (for and incomplete year trial balance may be submitted);
(v)   in case the industrial undertaking/tourist industry/physical infrastructure facility for which approval is sought has been acquired from another party, an attested copy of the agreement between the applicant company and the seller entered into   for   the   acquisition   of   the   undertaking/tourist   industry/physical infrastructure facility with list and value of assets acquired;
(vi) a certificate to the effect    that industrial undertaking/tourist industry/physical infrastructure  facility  has  not  applied  or  shall  not  apply  for  accelerated depreciation allowance under paragraph 7 or 7A of the Third Schedule to the Ordinance in the following form, namely:-

''I  hereby  certify  that  no  application  in  respect  of  the  industrial  undertaking/tourist industry/physical infrastructure facility................................. (name of the undertaking, etc.) has been made or shall be made to the Board for, and that the said industrial undertaking/tourist industry/physical infrastructure facility has not been allowed, accelerated depreciation allowance under paragraph 7 or 7A of the Third Schedule to the Ordinance, for any period.

Place...                        .                               Signature of the
Date...                                                    Managing Director/Director

(4)    If the Board in satisfied that the company setting up the industrial undertaking or tourist industry is one which should be approved for the purposes of section 45 or, as the case may be, section 46 of the Ordinance, it shall make an order to that effect and send a copy thereof to the company.

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