53BBBB. Collection of tax from export of any goods except certain items

***[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[one percent (1%)]  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.]

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*** 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 "zero point five zero percent (0.50%)" by F.A. 2011 subsequently subs. for "one percent (0.70%)" by F. A. 2016

 

 

 

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