New Law?

[s55]

Can anyone explain what this means?

[s55]

http://www.pkrevenue.com/exclusive/deposits-in-foreign-currency-accounts-linked-with-tax-return-filling/

someone please explain

[s55]

https://www.thenews.com.pk/print/302399-pakistanis-with-10-000-plus-annual-foreign-income-required-to-file-returns

[s55]

https://www.dawn.com/news/1400486

[hamz80]

If you are a resident and citizen of Pakistan, no cash can be deposited in your foreign currency account, unless you are a filer. This was enacted through the Ordinance.

[s55]

If you are a resident and citizen of Pakistan, no cash can be deposited in your foreign currency account, unless you are a filer. This was enacted through the Ordinance.

I don't live in Pakistan but I have a foreign currency account in Pakistan, how does it affects me?

[hamz80]

In that case, you are a non-resident and this does not apply to your account.

[s55]

In that case, you are a non-resident and this does not apply to your account.

This news even talks about declaring foreign assets and bank accounts.
https://tribune.com.pk/story/1680791/1-mamnoon-promulgates-four-ordinances-whiten-black-money/

[hamz80]

That is with reference to the amnesty scheme announced for anyone who has foreign or local undeclared assets.
By paying 2% - 5% on such assets, you can add them to your wealth statement, as in declare them as your assets.

[s55]

That is with reference to the amnesty scheme announced for anyone who has foreign or local undeclared assets.By paying 2% - 5% on such assets, you can add them to your wealth statement, as in declare them as your assets.

I don't have any foreign assets or even assets in Pakistan, only a bank account. So, how does it affects me?

[pwuser149030891748]

Which passport and citizenship do you have is it Pakistani or non? If its Pakistani it applies to you if you only have nicop and overseas citizenship then it has nothing to do with you!!!

[anon36782927]

This post was flagged by the community and is temporarily hidden.

[s55]

"How?" is the question.

[s55]

So for the savings in my account and for the future transfer do I have to pay taxes? and file for the tax?

[khurem]

In simple terms, since you are a Pakistani citizen, you have to file the tax returns, in case you want to deposit cash in your foreign currency account.

[s55]

If they are taxing overseas Pakistanis on the savings that they are keeping in the banks in Pakistan then that's just going to discourage them to send any money to Pakistan. I wouldn't want to pay any taxes in Pakistan since I am already paying the taxes where I work, I don't live in Pakistan and don't have any properties or investment in Pakistan, while the money I am keeping in Pakistan is surely benefiting the economy because the bank can invest that money in different ventures. This is really a setback. All my money is from legal sources and bank have all the proves of source of income. I am really disappointed in this. Seems like the last nail in the coffin overseas Pakistanis.

[s55]

Should I pull out all my money from Pakistani account then?

[khurem]

Yes, I can see pretty big impact from all these recent ordinances. The issue is the Govt has introduced them in a really sneaky way without proper discussion and most people are unaware about their impact.

[khurem]

But you will need to repatriate that money back in Pakistan some time later, or do you? They are making all sorts of laws, under pressure from FATF, to make it impossible for non tax filers to purchase property and other investments in Pakistan, or open a local or foreign account in any bank.

Situation is unclear after the recent laws and I'd advise to get hold of an accountant who may advise what to do in this situation.

[s55]

But you will need to repatriate that money back in Pakistan some time later, or do you? They are making all sorts of laws, under pressure from FATF, to make it impossible for non tax filers to purchase property and other investments in Pakistan, or open a local or foreign account in any bank.

Situation is unclear after the recent laws and I'd advise to get hold of an accountant who may advise what to do in this situation.

That's the problem, I might have to send money to the bank in Pakistan incase I lose job, unless I get immigration which I am trying to get for Australia. So, pulling money out will be a problem as well if I don't deposit anymore money?