No. S.R.O 314-L/86- In exercise of the powers conferred by section 44(4)(b) of the Income Tax Ordinance, 1984 (XXXVI of 1984), the Government is pleased to direct that dividend income received by an assessee from a public limited company, being an industrial company, shall be exempt form the tax payable under the said Ordinance if dividend is paid out of the profits of the period for which the company enjoys tax exemption under section 45 of the said Ordinance, provieded that 50 per cent of such dividend income is--
(a) re-invested in the same company, or
(b) invested in the new industry, or
(c) invested in the purchase of shares of a new public limited company being an industrial company.
Explanation - In this Notification,
(1) the term “public limited company” has the same meaning as defined in paragraph 22 of Part A of the Sixth Schedule to the Income Tax Ordinance 1984 (XXXVI of 1984); and
(2) the term “industrial company” has the same meaning as defined in Part B of the Second Schedule to the Finance Ordinance, 1986 (XLV of 1986)
2. This Notification shall be deemed to have taken effect on and from the Ist July 1986.

By order of the President,
MD. SYEDUL HOQUE CHOWDHURY
Additional Secretary