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ISLAMABAD: The Federal Board of Revenue (FBR) has exempted income tax on the profit on debt of an agency of a foreign government, a foreign national company, firm or association of persons or any other non-resident person, on Eurobonds and international Sukuk issued under the government's medium-term note programme.

The FBR has issued a notification, here on Monday.

Through another notification, the FBR has also exempted income tax on profit on debt of an agency of a foreign government, a foreign national company, firm or association of persons or any other non-resident person, on International Sukuk issued under the government's medium-term note programme.

In exercise of the powers conferred by clause (75) of Part I of the Second Schedule to the Income Tax Ordinance, 2001, the federal government has approved exemption for the purposes of the said clause to the profit on debt income of an agency of a foreign government, a foreign national company, firm or association of persons or any other non-resident person, on International Sukuk issued under the government's medium-term note programme, the notification added.

Under SRO, in exercise of the powers conferred by clause (75) of Part I of the Second Schedule to the Income Tax Ordinance, 2001, the federal government has approved exemption for the purposes of the said clause to the profit on debt income of an agency of a foreign government, a foreign national company, firm or association of persons or any other non-resident person, on Eurobonds issued under the government's medium-term note programme.

Copyright Business Recorder, 2021

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