Can I get a tax exemption on profit from Behbood Savings Certificates?

Question

I hold Behbood Savings Certificates from National Savings. Is the profit earned fully exempt for senior citizens, and do I still need to declare it in my tax return?

Answer 1

Income derived from Bahbood Savings Certificates or Pensioner's Benefit Account is subject to specific tax provisions.

Taxation Rates:

• The tax payable on the yield or profit from investments in Bahbood Savings Certificates or Pensioner’s Benefit Account shall not exceed 5% of such profit