FBR empowered to probe foreign remittances above Rs5 million received in a year

Jun 13

2019-2020, Budget, Taxation

FBR empowered to probe foreign remittances above Rs5 million received in a year

ISLAMABAD: Federal Board of Revenue (FBR) has been empowered to probe source of foreign remittances above Rs5 million received by a person in a year. According to Finance Bill 2019, an amendment has been proposed to Section 111(4) of Income Tax Ordinance, 2001 in this regard. At present the FBR cannot ask source to any […]

by Faisal Shahnawaz

Car imports massively fall by 45pc in 10 months

May 22

Pakistan Customs, Taxation

Car imports massively fall by 45pc in 10 months

KARACHI: The import of motor cars sharply declined by 45 percent during first ten months of current fiscal year owing to restriction imposed of duty and tax payment through foreign currency account and verification of remittances through banks. According to officials statistics made available to PkRevenue.com on Tuesday, the import of cars in completely built […]

by Faisal Shahnawaz

Overseas Pakistanis send $17.87 billion in 10 months

May 10

Finance

Overseas Pakistanis send $17.87 billion in 10 months

KARACHI: Overseas Pakistanis have sent remittances worth $17.875 billion during first ten months (July – April) 2018/2019, which is 8.45 percent higher when compared with remittances in the same period of the last fiscal year, State Bank of Pakistan (SBP) said on Friday. Overseas Pakistani workers remitted $17.875 billion in the first ten months (July […]

by Faisal Shahnawaz

Remittances increase to $16.1 billion in July – March

Apr 10

Finance

Remittances increase to $16.1 billion in July – March

KARACHI: Overseas Pakistani workers have remitted $16.1 billion during first nine months (July – March) 2018/2019 as compared with $14.8 billion in the same period of the last fiscal year, showing 8.74 percent growth. State Bank of Pakistan (SBP) on Wednesday said that during March 2019, the inflow of worker’s remittances amounted to US $1745.80 […]

by Faisal Shahnawaz

Remittances surge by 12pc to $14.35 billion in eight months

Mar 11

Finance

Remittances surge by 12pc to $14.35 billion in eight months

KARACHI: The inflows of home remittances surged by 12 percent to $14.35 billion during first eight months (July – February) of current fiscal year, State Bank of Pakistan (SBP) said on Monday. Overseas Pakistani workers remitted $14.35 billion in the first eight months (July to February) of FY19, showing a growth of 11.82 percent compared […]

by Faisal Shahnawaz

Current account deficit narrows by 16.8pc in seven months

Feb 21

Finance

Current account deficit narrows by 16.8pc in seven months

KARACHI: Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances. According to statistics released by State Bank of Pakistan (SBP) on Thursday, the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in […]

by Faisal Shahnawaz

Remittances grow by 12.22pc to $12.77 bn in seven months

Feb 11

Finance

Remittances grow by 12.22pc to $12.77 bn in seven months

KARACHI, February 12, 2019 – In a testament to the enduring support from overseas Pakistanis, remittances to the country have experienced a remarkable surge, witnessing a robust 12.22 percent increase to reach $12.774 billion during the first seven months of the fiscal year 2018/2019.

by Mrs. Anjum Shahnawaz

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

Jan 27

Budget, Supplementary Budget 2019, Taxation

Reform package exempts withholding tax for rupee accounts receiving foreign remittances

KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances.

by Mrs. Anjum Shahnawaz