Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 75
November 25, 1993 

All Authorised Dealers
in Foreign Exchange,

Dear Sirs,

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

Attention of the Authorized Dealers is invited to F.E. circular No.70 dated the 19th October, 1993 on the above subject.

2. It has been brought to our notice that some Authorized Dealers are not depositing 5% withholding tax on the amounts of foreign exchange released for travel on the pretext that the travelers are residents of Northern Areas of the Country to which the provisions of Income Tax Ordinance does not apply.

3. Central Board of Revenue has now clarified that the provisions of Section 50(SB) of the Income Tax Ordinance are applicable to the inhabitants of Northern areas as well. Authorized Dealers are, therefore, advised to ensure collection of 5% tax on the amounts of foreign exchange released for travel to the residents of Northern Areas also and its timely deposit into the Government Account.

       
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