In a move to streamline and regulate the process of money remittance through prepaid cards, Pakistan has unveiled the tax rates for 2024.
Tax rates on foreign transactions through credit or debit cards have been unveiled for tax year 2024 by the Federal Board of Revenue (FBR).
Karachi, August 1, 2023 – The State Bank of Pakistan (SBP) announced to extend the settlement of card-based cross-border transactions through interbank for an additional five months.
KARACHI: Banking Mohtasib (Ombudsman) Pakistan (BMP) has taken action against a bank for block credit card of a retired person but charged annual renewal fee.
State Bank of Pakistan
KARACHI: State Bank of Pakistan (SBP) has allowed banks to issue corporate cards to their business customers for making cross-border commercial payments. The SBP through a circular dated November 08, 2022 issued to presidents and chief executives of authorized dealers (ADs) in foreign exchange said that banks desirous to facilitate their business customers may issue […]
ISLAMABAD: Pakistan has reintroduced advance tax on foreign payments made through credit, debit or prepaid cards. The advance tax has been revived through Finance Bill, 2022. The country presented its federal budget 2022/2023 on June 10, 2022 and made several amendments in tax laws to broaden tax base and plug revenue leakages. READ MORE: Exchange […]
KARACHI: State Bank of Pakistan (SBP) on Monday enhanced credit card limit by amending regulations related to consumer financing. The SBP said that It had decided to revise the regulatory limits prescribed in the Para 1 and 2 of the Regulation R-8 of Prudential Regulations for Consumer Financing as under:- REGULATION R-8 MAXIMUM CLEAN LIMIT […]
KARACHI: The revenue authorities have collected Rs670 million as income tax from foreign transactions through debit or credit card during first eight months of current fiscal year. The tax was collected by Regional Tax Office (RTO)-II Karachi. The tax office collected only Rs83 million in the corresponding period of the last fiscal year. The collection […]
ISLAMABAD: Federal Board of Revenue (FBR) has started examining incomes of persons making payments through debt and credit cards. Sources in the FBR said that banks had provided details of persons, who made payments through debit and credit cards above Rs200,000 in a month. The banks have provided information of transactions made through payment cards […]
ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2020, effective from July 1, 2019 and notified 2 percent advance tax to be collected on gross amount of foreign transfers from persons not appeared on Active Taxpayers List (ATL). The FBR said that every banking company is required to collect […]