PROFIT ON DEBT ( EXEMPT INCOME)

Any Profit received by a NON Resident person on a security issued by a resident person shall be exempt from TAX under this Ordinance where

- the persons are not associate

-the security was issued by the resident person outside Pakistan for the purpose of raising a loan Outside Pakistan for use in a business carried on in Pakistan

- The Profit was paid outside Pakistan

- The Security is approved by FBR