Tuesday, 28 May 2024
Trending
Foreign currency Limit for International Passengers going abroad FBR SRO2043
TAXATION

FBR Fixes Foreign Currency Limit for International Passengers

FBR Fixes Foreign Currency Limit for International Passengers

FBR Fixes Foreign Currency Limits for International Passengers. The Federal Board of Revenue (FBR) has decided to fix a maximum limit of $5,000 (per visit) and $30,000 (annually) for outgoing international passengers (18 years and above) aboard.

The new annual maximum limit for travelers withdrawing foreign currency would be in effect starting in 2023.

Change in Baggage Rules 2006

Moreover, on Wednesday, the FBR issued SRO2043(I)/2022 here by way of proposed amendments to the 2006 Baggage Rules.

According to the updated luggage regulations, anyone traveling overseas (apart from Afghanistan) is permitted to bring out of Pakistan US dollars or the equivalent in other foreign currencies, subject to the restrictions listed in Table ‘A’ of the regulations.

The maximum allowance per person per visit is USD 5,000 (or equivalent in other foreign currencies) for passengers who are 18 years of age and older (adults). It suggested that the annual cap set at US$30,000 (or the equivalent in other foreign currencies).

See also  FBR's recommended list of vendors for the provision of Point of Sales (POS) software to retailers

Baggage Rules for International Passengers of Below 18 Years of Age

The passenger below 18 years of age (minor) will entitle to take US$2,500 (or equivalent in other foreign currencies) under the maximum limit per person per visit. Moreover, the annual limit per person in US$ (or equivalent in other foreign currencies) proposed to fix at US$15,000.

Requirements for foreign currency declaration for incoming and outbound passengers. FBR Fixes Foreign Currency Limit for International Passengers.

Foreign currency cash limits for travelers going to Afghanistan

Moreover, the FBR has established foreign currency cash limits for travelers going to Afghanistan. The maximum per-visit amount set at US$1000 (or similar in other currencies). The annual cap set at US$6,000 per person (or its equivalent in other foreign currencies).

However, for a calendar year beginning in 2023, the yearly luggage limits for outbound passengers for the relevant countries will be as per Tables “A” and “B.” The current yearly restrictions in place before the issuance of this notification shall, however, remain in effect for the calendar year 2022 until December 31, 2022.

Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: