[Notification No. S.R.O. 1722(I)/73,dated the 11th December, 1973]

Whereas the operative Agreement for the Avoidance of Double Taxation with respect to Taxes on Income between Pakistan and the United Kingdom in its sub-clause (ii) to clause (b) of sub-Article (2) of Article XIV provides that the term "Pakistan tax payable" shall be deemed to include any amount which would have been payable as Pakistan tax for any year but for an exemption granted for that year or any part thereof under any provision or statutory rule which may be made after signing of the agreement to grant an exemption which is agreed to by the taxation authorities of the Contracting Governments to be substantially similar in character to exemptions mentioned in sub-clause (i) to clause (b) of sub-Article (2) to Article XIV, the taxation authorities of Pakistan and the United Kingdom have agreed that Notification No. S.R.O. 625 (I) dated Islamabad, the 10th August, 1972 is substantially similar in character to the Notification S.R.O. 17(R), dated 1st July, 1960 and would qualify for credit under Article XIV (2) (b) (ii) of the Agreement for the Avoidance of Double Taxation between Pakistan and the United Kingdom, mentioned above.