in Foreign Exchange,
ON FOREIGN EXCHANGE PROCEEDS
ON ACCOUNT OF EXPORT OF GOODS
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.
Dealers are accordingly advised that withholding tax in
such cases need not be deducted.