Regulatory Alerts2019-07-08
Added · Updated
FEPD Circular No. 27: Deduction of Tax at Source on Interest Payable on Non-Resident Foreign Currency Deposit Account
Paragraph 15, chapter 13 of the Guidelines for Foreign Exchange Transactions-2018 (GFET), Vol-1, which previously exempted interest on Non-Resident Foreign Currency Deposit (NFCD) accounts from tax under the Income Tax Ordinance, is repealed. This repeal follows the revocation of National Board of Revenue S.R.O 415-L/82 dated 13 December 1982 by S.R.O 216-AIN/Income Tax/2019 dated 23 June 2019. All other instructions regarding this matter remain unchanged.
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