Largest and fastest growing business Portals
Tweet
***[1[53BBBB. Collection of tax from export of any goods except certain items.-
The bank, through which export proceeds of an exporter of any goods except knit wear, woven garments, terry towel, carton and accessories of garments industry, jute goods, frozen food, vegetables, leather goods and packed food is received, shall deduct tax at the rate of 2[zero point five percent (0.5%)] of the total export proceeds at the time of crediting the proceeds to the account of the exporter, which shall be deemed to be an advance payment of tax by the exporter and shall be given credit for the assessment of his tax:
Provided that where the Board, on an application made in this behalf, gives a certificate in writing that the income of the exporter is partly or fully exempted from tax under any provision of the Ordinance, credit to the account of the assessee shall be made without any deduction of tax or deduction of tax at a rate less than the rate specified in this section for the period mentioned in that certificate.]
....................................................................
*** The rate under section 53BBBB has been reduced from "(0.80%)" to "(0.60%)" by SRO No. 224-L/2015 Dated: 02/07/2015
1 Ins by F. O. 2007 and subs. by F. A. 2009
2 Subs. for "one precent (1%)" by F.A. 2020
Leave a Comment