Regulatory Alerts2023-09-27
Added
FEPD Circular Letter No. 14: Deduction and payment of tax deducted at source from inward remittance against service, revenue sharing as per section 124, Income Tax Act-2023
The Foreign Exchange Policy Department directs all approved dealer banks to strictly comply with the instructions issued by the Commissioner of Inland Revenue regarding the deduction and payment of tax at source on inward remittances received for services and revenue sharing under Section 124 of the Income Tax Act, 2023. Banks are required to adhere to the specific deposit codes and guidelines outlined in the attached directive to ensure proper national revenue collection.
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