Will Rupee Devalue Further? Economic roller coaster

[mgalaxy3]

I also went to them some time back n demanded a receipt.

They were not ready to give it.

I didn’t buy it then.

[OgRe1985]

They dont give receipt. Recently bought a 5 tola bar

[kalia]

Dollar hoarding by private individuals is one of the contributors to PKR devaluation so it is sort of a self fulfilling prophecy. It is interesting you mention this as what you said is kind of a self fulfilling prophecy.

[HellsGuardian]

Even if nobody hoarded, PKR would still have devalued. The reason is supply and demand. Now what organic factors contribute to demand? Imports. and what factors contribute to supply? exports. Tell me how much is our imports vs exports? We have been on ventilator since decades. Bucks injected in economy by our friends(IMF/CH/SA etc) are mere loans which helps only in short term but in the long run it makes the imminent fall only higher and harder.

[HellsGuardian]

Does it become a problem while selling later?

[HellsGuardian]

So did you buy from any other place?

[salman_w]

I agree that tourism can be a good source of revenue provided the expansion and legislation for building and construction be handled correctly. Increase in local tourism in Pakistan has caused immense deforestation and destruction of natural beauty. People have built ugly buildings that ruin the look of the place. excess garbage and uneducated and unchecked tourists ruin the area. Only areas where locals are highly active like hunza are natural and beautiful. Strict tourism laws need implementing.

[mgalaxy3]

I fear for the day when jahil awam from rest of the country will flog to Hunza/skardu and make it congested plus dirty.

Don’t get me wrong, not everyone is jahil.

But there’s only a minority that doesn’t litter, keep trash with themselves in bags n don’t throw it away just anywhere.

Locals of hunza are very civilised they don’t do it.

[mgalaxy3]

No

[xzap042]

So what happens when you go back to sell these gold bars. Do they have any excuse for any kind of deductions

[Nabs]

I bought when they were giving receipts. They said they won't buy back if I don't have receipts.

[salman_w]

100 percent literacy rate my friend.

[noobie]

It looks like the upcoming budget might just get rid of the all the exemptions (even tax credit) for IT income and we'll have to pay 30% flat tax. I'm not too sure about the actual details. This is based on what I've read on twitter (99% fake news out there) so it's probably going to be somewhere between 10 to 30% depending on income if the news is true. I'm seriously considering moving abroad if that's the case. Makes no sense to live here as I can work from anywhere in the world and I would rather pay 30% tax abroad where at least I would have good quality of life. The only benefit here is that we have exemption on IT Income so at least it helps and we can overlook other things (Low Quality of Life - extremely bad living standard). I'd much rather pay tax if we have a decent living standard so no problem paying tax abroad. I'm now considering moving abroad. Looks like Dubai has a fairly decent Freelancer Visa Program.. I might just opt for that. Any other good options @Nabs ?

[mgalaxy3]

Any credible news regarding taxing IT exports?

I don’t think it’ll be done. There is I think only 1% tax on remittances from other services exports .. so I don’t understand why it would be 30% on IT.

Seems like fake news tbh.

Even after withdrawal of exemption and tax credit I think final taxation of only 1% applies on remittance from services.

Someone correct me if I’m wrong.

But yeah If there’s high tax, better to move.

UAE freelancer programs seem to be very expensive. Any decent options there?

[noobie]

Yep, a lot of noise on twitter so most likely fake news (as is the case with most of the news on twitter/whatsapp). We should find out in a few days when budget is presented in the house.

[Nabs]

I have been researching on this news for past few hours. So far there is no credible source. Only news article is from Bol news, other than that just Facebook and twitter comments. I've already been researching on freelancer visas for many months. I have narrowed down to UAE freelancer visa which has tax free benefit, and Portugal's D7 visa which leads to European passport. Portugal has high taxes but has lower cost of living, and you get free healthcare and education. I will have to be pay over 50% taxes on my income, but after getting European passport, I will be able to settle in any European country. The only problem I see is language barrier, you must have basic understanding of Portuguese language to get citizenship.

[Nabs]

As far as I understand all export proceeds (goods, services) have final tax of 1% under section 154 of the Income Tax Ordinance. Singling out IT sector for 30% exports tax doesn't make any sense.

[mgalaxy3]

Yeah, makes no sense and seems like fake news. 1% final tax is already there.

About D7, any idea if they’re accepting Applications in Pakistan embassy .

And it also requires opening PT account n transferring funds there. How would one transfer funds there?

[Nabs]

Transferring reasonable amount of funds to your own account in Portugal for immigration shouldn't be a problem. Problem is opening bank account. Some PT banks open account over video interview, it will be very difficult for PK nationals as its difficult enough for US/Canadian nationals. With new rules you also must have a lease for 1 year.

[adnan.shaukat]

It does not make sense to have tax on IT no matter 20% or 30%, otherwise there are better options like payoneer/skrill/wise.com where one can receive payments and then wire/transfer in pakistani banks according to need as home remittances. Ultimately govt/banks at here will loose deposits. These are better options than UAE free lancer visa. A person can not have same lifestyle in 2000 USD/month in UAE as he can in pakistan. Although it will be no taxes in UAE but life is more expensive there. However if subject is permanent settlement for you and your next generation, then of course its not gulf but oceania or north america or central europe depending upon your proffession and other things.