Friday, 21 June, 2024, Reg No- 06
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Profit or interest from offshore banking to be tax free: NBR

Published : Thursday, 25 April, 2024 at 12:00 AM  Count : 77

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.
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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