KARACHI: The Federal Board of Revenue (FBR) has clarified that only non-resident Pakistanis can purchase Naya Pakistan Certificate and can avail tax benefit.
“Only non-resident individuals can purchase a Naya Pakistan Certificate who maintains a 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,” the FBR said in its clarification.
The FBR clarification is in contrast with the explanation of the State Bank of Pakistan (SBP) regarding investment in NPC. “Resident Pakistanis who have declared assets abroad with FBR can invest in USD-denominated NPCs,” the SBP added.
The FBR issued an explanation on profit derived by non-resident persons.
The FBR clarified that Naya Pakistan Certificate, a new instrument launched by the government / State Bank of Pakistan, qualifies as a 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 at 10 percent, which is final tax.
The Securities and Exchange Commission of Pakistan logo. — APP/File ISLAMABAD: The three-day capacity building...
The image shows the logo of the Securities and Exchange Commission of Pakistan . — APP/FileISLAMABAD: The Securities...
The picture shows a logo of Federation of Pakistan Chambers of Commerce & Industry . — APP/FileKARACHI: The...
This image released on July 14, 2023, shows the logo of InDrive. — Facebook/inDriveKARACHI: inDrive, a ride-hailing...
Gold bars can be seen in this image. — AFP/FileKARACHI: Gold prices increased by Rs2,500 per tola on Friday in the...
This photo illustration shows Japanese 10,000 yen banknotes in Tokyo on November 19, 2021. — AFPTokyo: The yen...