{"id":72651,"date":"2020-12-12T09:59:00","date_gmt":"2020-12-12T04:59:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=72651"},"modified":"2020-12-11T19:29:53","modified_gmt":"2020-12-11T14:29:53","slug":"profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates.html","title":{"rendered":"Profit on Debt: Overseas Pakistanis to be taxed in absence of exemption certificates"},"content":{"rendered":"\n<p>Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular instructing banks that since that they are required to withhold tax on profit on debt unless overseas Pakistanis produce an exemption certificate under Section 159 of the Income Tax Ordinance \u2013 a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/dha-city-karachi-announces-special-plots-overseas-pakistanis.html\" target=\"_blank\" rel=\"noreferrer noopener\">DHA City Karachi announces special plots for overseas Pakistanis<\/a><\/p>\n\n\n\n<p>According to the details, the income tax circular stated that the Section 159(2) of Income Tax Ordinance, 2001 requires withholding agents to deduct full amount of tax in case the taxpayer does not produce tax exemption certificate under Section 159(1) of Income Tax Ordinance, 2001.<\/p>\n\n\n\n<p>However, in order to incentivise remittances from overseas Pakistanis, profit on debt for a Rupee account with a scheduled bank in Pakistan is exempt from tax to the extent of the deposit that has been made exclusively from foreign exchange.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/dha-islamabad-launches-limited-plots-for-expats.html\" target=\"_blank\" rel=\"noreferrer noopener\">DHA Islamabad launches limited plots for overseas Pakistanis<\/a><\/p>\n\n\n\n<p>To qualify for such an exemption, the account holder is required to be a Pakistani citizen living abroad and profit on debt may be in no way attributable to local deposit in same account.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular instructing banks that since that they are required to withhold tax on profit on debt unless overseas Pakistanis produce an exemption certificate under Section 159 of the Income Tax Ordinance \u2013 a news source reported. Read: DHA City Karachi announces special plots for overseas Pakistanis According to the details, the income tax circular stated that the Section 159(2) of Income Tax Ordinance, 2001 requires withholding agents to deduct full amount of tax in case the taxpayer does not produce tax exemption certificate under Section 159(1) of Income Tax Ordinance, 2001. However, in order to incentivise remittances from overseas Pakistanis, profit on debt for a Rupee account with a scheduled bank in Pakistan is exempt from tax to the extent of the deposit that has been made exclusively from foreign exchange. Read: DHA Islamabad launches limited plots for overseas Pakistanis To qualify for such an exemption, the account holder is required to be a Pakistani citizen living abroad and profit on debt may be in no way attributable to local deposit in same account.<\/p>\n","protected":false},"author":57,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[1685,44025,44024],"persona":[],"class_list":{"0":"post-72651","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-overseas-pakistanis","9":"tag-profit-on-debt","10":"tag-profit-on-debt-to-be-taxed-unless-overseas-pakistanis-produce-exemption-certificates","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Profit on Debt: Overseas Pakistanis to be taxed in absence of exemption certificates - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular telling banks that since they are withholding agents, they are required to withhold tax on profit on debt unless overseas Pakistan produce an exemption certification under Section 159 of the Income Tax Ordinance \u2013 a news source reported.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Profit on Debt: Overseas Pakistanis to be taxed in absence of exemption certificates - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular telling banks that since they are withholding agents, they are required to withhold tax on profit on debt unless overseas Pakistan produce an exemption certification under Section 159 of the Income Tax Ordinance \u2013 a news source reported.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-12T04:59:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/02\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Muhammad Farhad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Farhad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Profit on Debt: Overseas Pakistanis to be taxed in absence of exemption certificates - Zameen News","description":"Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular telling banks that since they are withholding agents, they are required to withhold tax on profit on debt unless overseas Pakistan produce an exemption certification under Section 159 of the Income Tax Ordinance \u2013 a news source reported.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates.html","og_locale":"en_US","og_type":"article","og_title":"Profit on Debt: Overseas Pakistanis to be taxed in absence of exemption certificates - Zameen News","og_description":"Islamabad: Federal Board of Revenue (FBR), on Wednesday, issued a circular telling banks that since they are withholding agents, they are required to withhold tax on profit on debt unless overseas Pakistan produce an exemption certification under Section 159 of the Income Tax Ordinance \u2013 a news source reported.","og_url":"https:\/\/www.zameen.com\/news\/profit-debt-taxed-overseas-pakistanis-produce-exemption-certificates.html","og_site_name":"Pakistan Real Estate News &amp; 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