New Law?

[khurem]

I guess so, but do consult an accountant.

[s55]

No tax lawyer on pakshweels?

[zxmco125]

So far you are sending money from proper channel and all your bank statements have record of foreign remittance in it. So you can get yourself filler without paying any tax by just sending your bankstatements that your source of account input is from foreign remittance.

[s55]

So far you are sending money from proper channel and all your bank statements have record of foreign remittance in it. So you can get yourself filler without paying any tax by just sending your bankstatements that your source of account input is from foreign remittance.

How is it going to benefit me?

[zxmco125]

benefit is that you can do above 50,000 transaction with 0.3% WHT which is for filler and non filler pays 0.6%.

And upon transaction or payment of above 5 lakh or 10 lakh you will not have to declare again that your money is white and you transfer in legal way.

on a safer side if you want to pay without notice than keep your transaction limit upto 4,99,000/- Than FBR doesn't notice.

[s55]

benefit is that you can do above 50,000 transaction with 0.3% WHT which is for filler and non filler pays 0.6%.

And upon transaction or payment of above 5 lakh or 10 lakh you will not have to declare again that your money is white and you transfer in legal way.

on a safer side if you want to pay without notice than keep your transaction limit upto 4,99,000/- Than FBR doesn't notice.

so if they ask for evidence for the transaction above 5 lac then I can simply provide them my salary slips and bank transactions, can't I? then why do I need to file tax? those are just saving and I have never made any cash deposits and made transfer to any account other than my brother and some cash withdrawals.

[zxmco125]

those salary slips and bank statement will be attach by return file either by you or any tax lawyer you hire and by foreign income you are not have to pay tax in pakistan.

Same is the case happend with my father. He worked in kuwait for his whole life and after retirement he came back to pakistan in 2012 and in 2013 he got one of his plot commercial registered with some fees deposit and proper channel. Later in 2014 he received a letter from FBR that you are not a filler and what is the source of income and how you made this property. They give us some date to provide the evidence or they will seize the account or blah blah...

Than we contacted one tax lawyer he said if you sent all your transaction from abroad through bank account than it have in statements. That lawyer fill the return file with bank statement with my father first Passport on which he traveled with departure and arrival stamp page. Now all set. He just need to return the tax file annually and no tax alleged on it as his money is foreign based.

there is minimal lawyer fee that we pay to lawyer annually at time of file return and he is now NTN register.

[s55]

those salary slips and bank statement will be attach by return file either by you or any tax lawyer you hire and by foreign income you are not have to pay tax in pakistan.

Same is the case happend with my father. He worked in kuwait for his whole life and after retirement he came back to pakistan in 2012 and in 2013 he got one of his plot commercial registered with some fees deposit and proper channel. Later in 2014 he received a letter from FBR that you are not a filler and what is the source of income and how you made this property. They give us some date to provide the evidence or they will seize the account or blah blah...

Than we contacted one tax lawyer he said if you sent all your transaction from abroad through bank account than it have in statements. That lawyer fill the return file with bank statement with my father first Passport on which he traveled with departure and arrival stamp page. Now all set. He just need to return the tax file annually and no tax alleged on it as his money is foreign based.

there is minimal lawyer fee that we pay to lawyer annually at time of file return and he is now NTN register.

I get it. I know that there is no income tax on the overseas income but the sounds of this new law it sounds like they will deduct income? is what I am confused about otherwise I can file for the tax. I don't want any income tax deducted from the money that I have in the bank.

[pwuser149030891748]

Call FBR or your Pakistani bank directly tomorrow and ask them all your questions to get right answers !!!

[s55]

If someone has an update then please share

[s55]

any updates on this subject?

[s55]

Do I have to be a tax filer to send foreign currency to Pakistan to my account? I am a non-resident, working abroad.

[dakoon]

Get in contact with corporate lawyer .only he can tell you the exact situation

[capsat]

you can become a tax payer voluntarily - you shall have a bank account in pakistan under your own cnic with any family member [ operating as either survivor ] - and can start sending money into that account via bank transfer., and register online as tax payer.

[s55]

you can become a tax payer voluntarily - you shall have a bank account in pakistan under your own cnic with any family member [ operating as either survivor ] - and can start sending money into that account via bank transfer., and register online as tax payer.

You mean I will have to pay taxes? for what?

Secondly, if I choose not to be a tax filer then will I not be able to send money to my account in Pakistan?

Lastly, I read in one new that SBP has recommended to senate that all remittance above $100,000 annually should be taxed (not sure if that implemented), then will I have to pay taxes if I file for tax?

[capsat]

no -

foreign remittances are exempted from taxes - 2.5% is deducted as withholding tax [ adjustable in tax return ] upon conversion to PK Rs. at landing of home remittances, a certificate is issued by the bank , thus every foreign earning landing as home remittance in PK account is at 0 tax

@memad @pomi_pbs please guide

[s55]

no -

foreign remittances are exempted from taxes - 2.5% is deducted as withholding tax [ adjustable in tax return ] upon conversion to PK Rs. at landing of home remittances, a certificate is issued by the bank , thus every foreign earning landing as home remittance in PK account is at 0 tax

@memad @pomi_pbs please guide

I have a USD account and all my transactions are in USD. All my accounts, in Pakistan and overseas are USD. Now what's the case?

[capsat]

do not get trapped by the GREY policy of overseas asset declaration announced in April 2018, it has failed as usual.

do you get US Dollars at withdrawal or conversion of equivalent at bank rate ? in that case of conversion you are paying WHT as well and collect the en_cashment certificate along. That document is evidence of your foreign income, legally transferred to PK

[s55]

do not get trapped by the GREY policy of overseas asset declaration announced in April 2018, it has failed as usual.

do you get US Dollars at withdrawal or conversion of equivalent at bank rate ? in that case of conversion you are paying WHT as well and collect the en_cashment certificate along. That document is evidence of your foreign income, legally transferred to PK

Last time I sent $4,000 USD to my brother and they deducted $98 including taxes and bank transfer fee. I am a salaried person and bank has details about my source of income. Should that be enough or I still need to file for taxes?

I get cash USD if I goto my bank in Pakistan.

[capsat]

bank shall certify your banking data with respect to cnic and that will be enough to register as tax payer