All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

TAX ON FOREIGN EXCHANGE PROCEEDS
ON ACCOUNT OF EXPORT OF GOODS

Attention of Authorized Dealers is invited to F.E. Circular No.69 dated the 1^st August, 1992 regarding the above.

2. The Central Board of Revenue has since issued a Notification vide SRO No.741(1)/92 dated the 8^th August, 1992 specifying that Sub-Section 5(A) of Section 50 of the Income Tax Ordinance 1979 will not apply to an exporter who produces a certificate from the Commissioner of Income Tax to the effect that his income during the income year is exempt from the tax under the Income Tax Ordinance 1979 or any other law for the time being in force.

3. Authorized Dealers are accordingly advised that withholding tax in such cases need not be deducted.