CIRCULAR NO. 06, Islamabad, the 9th December, 2020

DEDUCTION - PROFIT ON DEBT OF NON RESIDENT RECIPIENTS CLARIFICATION REGARDING. Government of Pakistan Revenue Division Federal Board of Revenue *** C. No. 1(23)Secy(ITC)2020/224253-R Islamabad, the 9th December, 2020 CLARIFICATION CIRCULAR NO.06 (INCOME TAX) SUBJECT: DEDUCTION - PROFIT ON DEBT OF NON RESIDENT RECIPIENTS CLARIFICATION REGARDING. In order to incentivize remittances by Pakistani citizens residing abroad but holding Rupee Account with a Schedule Bank in Pakistan, profit on debt to the extent of deposit made exclusively from foreign exchange is exempt from tax under Clause 79 of Part-I of Second Schedule to Income Tax Ordinance, 2001. 2. Sub-section 2 of section…