Will Rupee Devalue Further? Economic roller coaster

[hyder_m29]

The problem with IT tourism, or tourism in general, is Pakistan to foreigners is a scary place. They link it with Afghanistan. Until we can improve this image, tourism won't improve. India ran a decades-long campaign (Shining India) to improve its global image before tourism became a significant revenue-generating function of its economy.

[abacus]

Tourism development require serious planning and infrastructure improvement, Promoting tourism, creating a positive image is just a start. Tourists and tourism requires certain freedoms, openness, infrastructure and a supportive system. UAE is best example, and Qatar and Saudis are on same route.
Tourism cannot be just be boosted with fb and twittes.

[sardarg]

we know that no manufactrer can manufacture origional quality engine parts, transmission parts, mounting, suspension parts but they can at least invest in small parts like brake pads, oil/air/cabin/fuel filters, dashboard parts not only for local needs but also for export.

sir agar apki baat dursut man li jai tou it is not a chewable fact that Toyota Honda and Pak Suzuki have reached 70% + localization and every car has stamp of Made in Pakistan.

export ka sir mai kuch keh nai sakta magar jo jo item ap nai mentioned karay hayn wok saray he aab Pakistan mai bantay hayn with and available with 3S OEM item.

[adnan.shaukat]

well my point is that importer parts (even 25%) are worth of more than 40% of car's production cost. Auto policy should be focused on export of either full car as CBU plus local parts so that certain import bill due to 25% imported parts/Kits can be adjusted

[Nabs]

Income tax is already exempt for freelancers till 2025 if I am not wrong. However being a freelancer myself...

I also work online. For me, government deducts 1% withholding tax when I receive a remittance.

[mgalaxy3]

This stupid policy was introduced by pti.

Before this IT export was tax exempt.

Now they introduced unnecessary paperwork n requirements to claim tax credit.

[capsat]

For me, government deducts 1% withholding tax when I receive a remittance.

you are lucky

mine is rated at 2.5% WHT adjustable in annual return.

[noobie]

Yep, they have just given an opportunity to accountants/tax lawyers to mint more money from us.

[pwuser150469741418]

Bro idhar to kuch bhi deduction nahi hoti. Have been using Wise, earlier was using Payoneer.

[noobie]

This will cause issues in future as wise shows the payment as home remittance instead of IT Export. This is different from a regular wire transfer where you get proper reporting code (9182, 9184 etc). Home Remittances will be problematic in case of fbr audit.

[mgalaxy3]

As @noobie said above, if your bank is marking the payment as home remittance, you won’t get charged.

But, it’s incorrect n illegal if the payment you get is for freelancing or in other words exporting IT services. It shouldn’t be reported as home remittance.

In that case you have to ask your bank relationship manager to mark these payments with correct SBP code. There are SBP codes for IT services, like 9183,9184 etc.

[mgalaxy3]

Exactly. A lot of headache for IT folks who bring in valuable foreign exchange to Pak.

This is the industry which should be given maximum incentives as it’s the only one that can save Pak via exports.

Lots of youth, require no massive investment to start earning n bringing in $$$

[Nabs]

I do receive some money from Payoneer, but I declare it as regular income, as bank don't offer remittance encashment certificates for this.

[pwuser162839051938]

I was exploring Payoneer option for bringing my IT services income to Pakistan. Does anyone know if I will be able to get IT remittance code if I receive it in my company account here?

[pwuser150469741418]

I have been obtaining a PRC for this from the bank almost every month. Still it is going to be an issue?

When was this 1% announced/implemented actually?

[pwuser150469741418]

I have around 30-50 certificates for payments that came through Payoneer as well.

[mgalaxy3]

All international payments have an associated PRC/encashment certificate.

Even if it appears as local bank transfer in your statement.

You have to contact the bank that first receives the payment from payoneer n then transfers to ur account.

They will give u PRC.

[mgalaxy3]

Good to have PRC.

Your bank should report it as IT export payment which is usually mentioned on PRC with the right code.

[Nabs]

Payoneer debit card looks very attractive. You just load the money in the card and can use it anywhere, online, POS, out of country, ATMs. And you get to keep your savings in dollars, not worthless rupee. I just ordered one.

[HellsGuardian]

Has anybody recently got 24K gold from ARY? I inquired them and they said they won't be giving receipt due to tax issues. I said I am willing to pay the required tax but they did not agree for receipt.