THIS year’s budget is silent on the rate of taxes applicable, if any, on the amount of foreign remittances by millions of overseas Pakistanis working abroad and remitting part of their hard-earned salaries and those who exchange foreign currency on arrival in Pakistan through authorised exchange dealers.

Overseas Pakistanis by way of foreign remittances also support the country in building foreign exchange reserves. Therefore, they should be exempted from taxes or there should be considerable relaxations on the application of taxes, if any, on their foreign remittances upon credit to their account in banks of Pakistan.

If there is no consideration for overseas Pakistanis, it is likely to discourage foreign remittances.

Will someone from the finance ministry or the State Bank of Pakistan comment on this?

Hasan Adil Malik
Karachi

Published in Dawn, June 25th, 2019