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Profit or interest from offshore banking to be tax free


Profit or interest from offshore banking to be tax free

There will be no tax payable on the attained profit or interest from offshore banking units. The National Board of Revenue (NBR) issued a circular in this regard on Tuesday (Apr 23).

This decision will come into immediate effect, it said.

Off-shore Banking refers to international banking involving non-residents' foreign currency-denominated assets and liabilities. Off-shore Banking Unit conduct their deposit taking and lending activities with foreign investors without conflict with the domestic fiscal and monetary set up and independent of the local commercial banking system.

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