All
Authorised Dealers
in Foreign Exchange,
Dear
Sirs,
RELEASE
OF FOREIGN EXCHANGE FOR TRAVEL
ABROAD – LEVY OF 5% TAX
1.
Attention of Authorized Dealers is invited to F.E.
Circular No.70 dated the 19th October, 1993
on the subject noted above.
2.
It has since been decided by the Government that exemption
from deduction of tax under Section 50(SB) of Income Tax
Ordinance, 1979 is also available to persons genuinely visiting
only holy places at Karbala in Iraq even if they have visit
visa for a country bordering Iraq, for the purpose of entry
into the holy places at Karbala.
3.
This issues in partial modification of F.E. Circular mentioned
in Para 1 above.
4.
It should, however, be ensured that instructions contained
in F.E. Circular No.65 dated 30th
August, 1993 are meticulously followed while
releasing foreign exchange for travel abroad.
