Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 62
August 17, 1993 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

RELEASE OF FOREIGN EXCHANGE FOR TRAVEL
ABROAD LEVY OF 5% TAX

Attention of Authorized Dealers is invited to F.E. Circular No.51 dated the 28th June, 1993 read with F.E. Circular No.60 dated the 26th July, 1993 in terms of which 5% withholding tax is required to be collected at the time of release of foreign exchange for travel abroad except for Hajj, Umrah, Official tour and medical treatment of Government officials.

2. It has been further clarified by the Revenue Division that the exemption from withholding tax under Section 50(5B) of the Income Tax Ordinance, 1979 granted vide Clause (I) of Central Board of Revenue’s SRO 566(1)/93 dated the 3rd July, 1993 is available to only those individuals who are visiting Saudi Arabia exclusively for performance of Hajj or Umrah. The said exemption is not available on release of foreign exchange to persons who intend to visit many countries including Saudi Arabia.

3. Please bring the above to the notice of your constituents concerned.

 

       
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