If you are an overseas Pakistani with no income source in Pakistan and have been away from Pakistan for more than 183 days in a tax-calendar year, you are not required to submit tax returns in Pakistan.
Will PKR (Pakistani currency) become stronger against USD under the new government led by Imran Khan?
Not immediately. The fundamentals and country’s financial numbers are not too sound. Even with the new government, it will take a quarter or two just to set the policies and perhaps a year or two for the turnaround to begin. Economist and other analysts will look at the underlying fundamentals. The numbers on the report […]
Payoneer withdrawal to local Pakistani banks is classified as ‘ATM Transfer’ and not ‘Home Remittance’ (which is tax-free), why is it so? How to prove in tax return that it’s a home remittance?
Please write a letter to your bank, requesting a Proceeds Realisation Certificate(PRC) for the transaction mentioned. The bank will check with the counter bank and confirm was indeed an incoming foreign exchange transaction and paid out from the local pre-funded account. The PRC will suffice for tax purposes to treat this as a remittance (if the […]
No. At present, you cannot send money outside of Pakistan by using Transferwise from within Pakistan.
Yes, there is. The Computerized National Identity Card or CNIC as issued by NADRA (National Database Registration Authority) is the equivalent of the social security number in Pakistan. References: NADRA: National Database & Registration Authority Official Website CNIC: National Identity Card (NIC)
Nope. As of today, PayPal is not supported in Pakistan (traditional PayPal that is) and none of Pakistan banks are connected for PayPal payments.
What payment solution/gateway is recommended besides Paypal? Is Xoom working in Pakistan? I need to receive funds from the US.
Xoom works in Pakistan, but the sender has to set up an account on Xoom and use it. If the payment is originating from a US Business account, then the best method is to ask them to do an ACH to your account, (if you subscribe to Payoneer‘s US Payment Service). In this manner, you […]