CIRCULAR NO. 3 OF 1975

CASH CREDITS WHERE ADDITIONS HAVE BEEN MADE IN EARLIER YEARS CIRCULAR NO. 3 OF 1977 Subject:- EXEMPTION OF PAKISTAN AND POLISH SHIPPING COMPANIES FROM INCOME TAX ON RECIPROCAL BASIS. According to Article 27.02 of the Convention for Avoidance of Double Taxation between the Government of Pakistan and Poland, the Convention shall have effect in respect of any income arising on or after 1st July, 1973 except in case of profits from shipping/air transport referred to in Article 8. (2) The two delegations, through exchange of letters, also agred that the provisions of paragraph 2 of Article 8 of the Convention will be applied to the profits from operation of ships owned or chartered by an enterprise of one of the contracting states on or after the first of Januaruy, 1967. The application of Article 8(2) will however, be made effective…