MND EXPLORATION AND PRODUCTION LTD. versus C.I.R., L.T.U., ISLAMABAD
Fifth Schedule, Part I, RR 4 and 2 (5) Income Tax Act (XI of 1922), Section 10 (8) and Second Schedule, R4 (1) of the Mines and Oil Fields and Mineral Development (Government Control) Act ( XXIV 1948), Sections 4, 2 (4), 3A and 3B Petroleum Policy, 1994 2001 FBR Circular No. 5 of 1974 4 7 2001 2001 FBR Circular No. 2 of 1414 1974 Payment and Taxes Restriction to Government Prior to the deduction of the contract rate Royalty Exploration and Production Companies, the payment of tax and the delivery of tax claimed that the Petroleum Concession Agreement was binding on the Government of Pakistan and the Fifth Schedule of Income Tax Ordinance 1979 Has achieved sanctification under Part 1KR4. Payment to the government will be limited to 55% of the profit and profit. That the tax rate provided in the relevant petroleum concession agreement was applied to profit and gains before deducting payments to the government. The Department was misusing the provisions and principles contained in the Tax Petroleum Concession Agreement because tax officials were declaring profits and gains and / or profits and benefits before deducting royalties, which was a fundamental mistake. Department; and before the words were deducted in payments to the Government, the Petroleum Concession Agreement was not mentioned in the Pet Department rate sentence that the Schedule to Mining Act 1948 set the upper cap at 55% and the destination 50%. ? Government or Government of Pakistan before deducting profit or payments. That no limit in the Petroleum Concession Agreement may be greater or less than the limit provided in the Mining Act, 1948, but in each case the payment must be made before the Government is deducted. That the petroleum dies
