New Law?

[capsat]

You don't even have to tell FBR source of income

upon landing of foreign remittance the scheduled bank does that without which State Bank does not allow withdrawal / encashment, cross check with your bank please,

FBR has nothing to do with inward landing or outward remittance it is scheduled bank & state bank which REPORT to FBR about the foreign remittance into bank accounts. FBR is revenue collecting authority not currency controller

[Nabs]

We are talking about taxes/source of income, not clearance of remittances.

[Samikhan11]

The banking system will get down very soon Inshallah. Nobody will put their money in banks. Unemployed will increase. Employes would be layered off then when the govt will realise oh what we did then they will become kind that please come and deposit money in banks and we will give you tax discounts etc. I dont know where Pakistan is heading exactly. Let Imran khan come, he will impose tax on a rairhhiii wala sabzi. So get ready guys. Phir log Bhutto ko dubara wapis laayengay.

[dakoon]

Yaha per jo bhi aya power main usnae yahi karna ha .dont expect miracles .we are not going to get any Mahathir Mohammad here .more bad days coming in future .we will leave even bad place for our children and so forth .

[capsat]

We are talking about taxes/source of income

it is FBR which order scheduled Bank via State Bank to Freeze account when INCOM(ing) in the bank account is not declared as verifiable legitimate source of INCOM(ing) be it local deposit or foreign remittance

[Samikhan11]

@capsat They should let Pakistanis live at ease & import a simple tax system that one has to pay taxes just like Canada has. On the first 45000$ its 15 percent. On the next 45000$ its 22 percent etc..

[Nabs]

Regardless, under the Tax Ordinance. If a tax commissioner investigates you on buying a new asset lets say a V8 land cruiser, and you show them remittance certificates as proof.

With Bank, you just have to tell them source of money. In case of FBR investigation, you have to provide proof of source of money i.e. sale deed, payment slips, etc. There is a very big difference in both.

[capsat]

this is the real beauty of the CNIC, a bank transaction be it local or foreign there has to an evidence of transaction to be produced on demand, either by bank or by the FBR. RECALL the case of Late Makhdoom Faheem when 40 million were deposited in his account and bank flagged it, reported to FBR Late Makhdoom declined ownership and declined to know who deposited it, and money was confiscated, transferred to Federal treasury under FBR & State Bank rules of proof of income

[s55]

this is the real beauty of the CNIC, a bank transaction be it local or foreign there has to an evidence of transaction to be produced on demand, either by bank or by the FBR. RECALL the case of Late Makhdoom Faheem when 40 million were deposited in his account and bank flagged it, reported to FBR Late Makhdoom declined ownership and declined to know who deposited it, and money was confiscated, transferred to Federal treasury under FBR & State Bank rules of proof of income

you are all the money is confiscated if the source of income is not declared?

[capsat]

yes sir money trail and transfers be supported with legit evidence,
a variable stream of money with sudden random spikes can be supported as premiums bonuses etc, but a stream of $3000 - 5000 in a account spiked by 150000 with untraceable source is red flag

[s55]

yes sir money trail and transfers be supported with legit evidence, a variable stream of money with sudden random spikes can be supported as premiums bonuses etc, but a stream of $3000 - 5000 in a account spiked by 150000 with untraceable source is red flag

if its between your own accounts then still red flag? In understand transfer from someone else can raise flags but what if its between your own accounts?

[capsat]

yes true shifting money between own accounts from one end to other [ barclays bank account in Cayman Island of CAPSAT transferring xxxxx to CAPSAT Askari bank in Pakistan ] is not red flag as it can be traced back .

but an xxxxxx amount deposited cash in CAPSAT account Askari Bank Pakistan to which CAPSAT is clueless is RED FLAG

[capsat]

Pakistanis live at ease

law abiding salaried & enterprenuer citizen, industrialists, corporations, Private Limited concerns with compliance to taxation regime are at peace,

this gives heart burn to BABO class and they create hurdles for extortion., however PIFRA has been working to plug revenue leaks and facilitate common people to become filers.

it is bureaucratic & political corrupt MAFIA which is always crying, as their stash of cash becomes useless when policy makers work in greater interest of masses

Commerce & Finance Ministry always give priority & due consideration to Federation of Pakistan Chambers' of Commerce & Industries recommendations and IMPLY policy suggestions to maximum and accommodate tax payers'.

[s55]

Is there any clarity now whether non-resident Pakistanis have to file tax returns to operate USD accounts in Pakistan?

[dakoon]

Sab ke oopar applicable kar dia ha .

[capsat]

foreign residents sending money to blood relations or own accounts in Pakistan are all tax exempted, - to become a filer however income tax return shall be filed be it at zero rated tax

[s55]

I will filing tax returns next week inshAllah from July 2016 to June 2017.

[s55]

@capsat please answer two of my questions:
1. My account is jointly with my brother, do both of us have to file tax return or only me?
2. Do I have to upload bank statement to the FBR account or only need to show the closing balance for the tax year?

[capsat]

there is no need of submitting bank statements online.
-
only bank name, branch, account number and date of opening is needed when registering over FBR / IRIS, there after that account remain your primary account and only that account be used for all your foreign remittances and for tax declarations.

remember the CNIC - is key to our life, in terms of travelling & documented financial and property transactions exercise caution. Make sure all the documented deals are secure and declared in annual tax returns when CNIC is used.

[sawsami555]

law abiding salaried & enterprenuer citizen, industrialists, corporations, Private Limited concerns with compliance to taxation regime are at peace,

this gives heart burn to BABO class and they create hurdles for extortion., however PIFRA has been working to plug revenue leaks and facilitate common people to become filers.

it is bureaucratic & political corrupt MAFIA which is always crying, as their stash of cash becomes useless when policy makers work in greater interest of masses

Commerce & Finance Ministry always give priority & due consideration to Federation of Pakistan Chambers' of Commerce & Industries recommendations and IMPLY policy suggestions to maximum and accommodate tax payers'.

As a law-abiding salaried citizen or tax-compliant entrepreneur, one feels peace when the system supports transparency and accountability. Unfortunately, it's often the entrenched bureaucratic networks that resist these changes, as they see their control over "leakages" diminishing.

Thankfully, platforms like PIFRA have been instrumental in promoting digital transparency — helping government employees and taxpayers track salary slips, budget allocations, and expenditures online.

The Ministry of Finance, along with Commerce leadership, has increasingly aligned with the recommendations from FPCCI to build a progressive, compliant ecosystem — one that supports honest taxpayers, encourages digitization, and minimizes revenue loss.