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 1st August, 1992 
                      regarding the above.
                    2. The Central 
                      Board of Revenue has since issued a Notification vide SRO 
                      No.741(1)/92 dated the 8th 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.