Thursday, 22 February 2024

FBR considering proposals to tax benefit to non-resident or overseas Pakistanis

The Federal Board of Revenue (FBR) is reviewing various proposals to provide some benefits to non-resident or overseas Pakistanis.

According to media reports published, that if any such proposals are finalized, they could be incorporated through a presidential ordinance amending the Income Tax Ordinance, 2001 (Ordinance).The whole exercise is aimed at facilitating Pakistanis or non-residents abroad.

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Removal of List of Active Taxpayers

A proposal under consideration is that the provisions of Section 100BA of the Income Tax Ordinance which relates to the “List of Active Taxpayers” which would not be applicable to non-resident persons or non-resident citizens of Pakistan holding Pakistan Origin Card or National Identity Card for Pakistanis abroad. Also have Foreign Currency Value Account or NRP Rupee Value Account with authorized banks in Pakistan.

Taxation of non-residents, foreign remittances and expatriates under income tax law of Pakistan | ALSO READ

Advance Taxes on Property purchase and sale (236K & 236C)

Another proposal under consideration is to promote the sale and purchase of property among non-resident citizens of Pakistan.It is examined that under sections 236C and 236K of the Ordinance, the tax collected from such seller or buyer should be treated as final tax deductible. It is being examined that under section 78, it is proposed to exempt the citizen of Pakistan from tax and to make available to the citizen of Pakistan “abroad” under section 79 of the Ordinance from the Second Schedule of Part I. Citizens of Pakistan. ”

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State Bank of Pakistan (SBP) authorized to non-resident individuals holding Pakistan Origin Card (POC) to open foreign currency account | ALSO READ

Foreign Currency Value Account or NRP Rupee Value Account

It is for Pakistanis who have a Foreign Currency Value Account or NRP Rupee Value Account. With a bank in Pakistan for the purposes of investing in debt instruments and government securities or certificates. The bank will be responsible for withholding tax on investments arising from disposal of such instruments. Taxes, therefore, will be the final discharge of tax liabilities on deposit / withholding.

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Non-Resident Pakistanis (NRPs) provided an opportunity to open an account in Pakistan remotely. Without having to visit any bank branch through fully digital and online process, tax experts said. The government, in the New Pakistan Certificates (NPCs) issued by the government of Pakistan. Enabled investment in both US dollars and PKR freely from unpredictable regions.

A d v e r t i s e m e n t

On NPC, only 10% holding tax is levied on profits which is complete and final. No need to file a tax return. A Shariah compliant version of the NPC also available. Which was in accordance with Shariah principles and was endorsed by renowned Shariah scholars. Resident Pakistanis who have declared assets abroad with the FBR can also invest in US dollar-linked NPCs.

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The State bank of Pakistan launching a new payment system called ‘Rast’ | ALSO READ

FBR | Federal Board of Revenue | Non-Residents | Foreign Pakistanis | Tax Exemptions | Foreign remittances | Pakistan Rupee Account | Foreign Currency Account | Pakistan Origin Card |


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