ISLAMABAD, :Federal Board of Revenue (FBR) has issued a clarification on the news item published in daily “The News” with a caption, “Authorities faces legal challenge on tax concession for Naya Pakistan Certificate.” FBR has clarified that Naya Pakistan Certificate, a new instrument launched by the Government/ State Bank of Pakistan, qualifies as debt instrument in terms of Clause (5AA) of Part-II of the Second Schedule of the Income Tax Ordinance, 2001. Therefore, profit on debt on the Naya Pakistan Certificate is subject to tax @ 10% which is final tax. It may be added that only non-resident individuals can purchase Naya Pakistan Certificate who maintain bank account abroad or foreign currency account maintained in Pakistan. It is also clarified that such individuals are not required to file returns of income.
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