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Govt to Offer Tax Exemptions to Overseas Pakistanis Under New Program

Morpheus

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Govt to Offer Tax Exemptions to Overseas Pakistanis Under New Program

Posted 4 mins ago by Jehangir Nasir

FBR regulatory duty


The government is planning to offer tax incentives and concessions to the Overseas Pakistanis under the National Remittance Loyalty Program (NRLP) including duties and tax exemption on the import of different items including vehicles.


Sources in the Ministry of Finance told Propakistani that a meeting has been scheduled on Friday (January 15) at the Finance Division on the NRLP. The federal government is in the process to introduce a National Remittance Loyalty Program (NRLP) to facilitate overseas Pakistanis.
Under this program, overseas Pakistani remitters will be provided incentives and rewards (complementary and against earned points) for sending remittances to Pakistan.
A draft agreement to be signed by the participating government organizations including FBR, FIA, PIA, and CAA in order to offer rewards/benefits under the NRPL was shared with the relevant stakeholders for their comments and suggestions. The benefits to be offered to the remitters have been specified in the draft agreement, officials said.

Under the draft agreement, separate counters for priority clearance at arrival and departure lounges at all international airports of Pakistan. CAA would place standees/banners with messages of appreciation for remitters with encouraging them to join NRLP free of cost. The FIA will make these counters effectively operational with dedicated resources.

The staff at special counters for operations would receive special training of customers facilitation by the FIA/CAA.
Under the agreement, the FBR will offer duty exemption to the overseas Pakistanis under the NRLP, as already available to existing Foreign Exchange Remittance Card (FERC) holders, on television, deep freezer, refrigerator, microwave, cooking range, washing machine, air conditioner for each one item per year and one Mobile phone without customs duty in a year.
Another important change would be to restrict the scope of import of automobiles under the Baggage Scheme to only registered users under the NRLP.

The FBR is also considering that customs duty payment to be settled through the point redemption on the NRLP merchant module. The revenue board will also offer a discount on taxes on the purchase of locally manufactured vehicles one in three years under the agreement.
The renewal of CNIC/NICOP on the redemption of points would be allowed to the overseas Pakistanis. Moreover, the Passport Office will allow the renewal of the passport to registered NRPL remitters.

The 50 percent discounts would be available at OPF-Schools for children of registered NRLP remitters. The special quota for registered NRLP customers in all OPF/Naya Pakistan Housing Authority Housing Schemes. However, the same may be allowed in accordance with the FE Regulations applicable.

OPF/Naya Pakistan Housing Authorities would be responsible to settle the fee of OPF schools through point redemption on the NRLP merchant module.

Under the draft agreement, the PIA will allow 20 percent extra baggage allowance to the registered NRLP remitters; 10 percent discount on international tickets by the PIA.

The payment to “luggage exceeding the limit and 20 percent extra allowance to be settled through the point redemption of the NRLP and payable ticket cost to be settled through point redemption on NRLP merchant module.

50 percent discount on various government charges for repeat emigrant workers (going abroad for employment for the second or later time); payable fee to be settled through point redemption on NRLP merchant module.

The amount payable Utility Stores will be settled through point redemption on NRLP merchant module, they added.

+++++++++++++++++++++++
 

FOOLS_NIGHTMARE

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There are many Non-Resident Pakistanis that have also opened normal saving accounts in Pakistani banks as well. For a few years, we have been paying 20% Witholding tax on our profits which is extortion and putting us off. I hope the Govt will look into this matter and provide us incentives to send more money into our accounts. Many overseas Pakistanis invest privately in saving accounts to be on the safe side.
 
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Morpheus

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There are many Non-Resident Pakistanis that have also opened normal saving accounts in Pakistani banks as well. For a few years, we have been paying 20% capital gains tax on our profits which is extortion and putting us off. I hope the Govt will look into this matter and provide us incentives to send more money into our accounts. Many overseas Pakistanis invest privately in saving accounts to be on the safe side.
Become a filer, and then it will be reduced to 10%. First 10% is tax on profit, and the other 10% is WHT. Its all done online now. Just make sure you have a Pakistani cell number under your CNIC. After that its all straight forward. filing process is like a wizard setup. Click on the pictures and input the numbers.
 

Morpheus

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My father files return every year, I do hear him moan like hell lol. On a serious note, they can exempt us and make our lives a bit easier. :D
You pay taxes in the country where the income is generated. Any income generated in Pakistan is subjected to Pakistani Tax. If UK tax authority also tax your Pakistani income, then you can apply for a exemption and not pay any taxes on Pakistani generated income.

This is the rule worldwide, except USA.
 

El Sidd

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The government is planning to offer tax incentives and concessions to the Overseas Pakistanis under the National Remittance Loyalty Program (NRLP) including duties and tax exemption on the import of different items including vehicles.
Planning to? That's just fake news.

What happened to austerity?
 

The Accountant

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There are many Non-Resident Pakistanis that have also opened normal saving accounts in Pakistani banks as well. For a few years, we have been paying 20% Witholding tax on our profits which is extortion and putting us off. I hope the Govt will look into this matter and provide us incentives to send more money into our accounts. Many overseas Pakistanis invest privately in saving accounts to be on the safe side.
Why this is extortion ? This is tax on income earned and not on the original amount.
 

El Sidd

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My father files return every year, I do hear him moan like hell lol. On a serious note, they can exempt us and make our lives a bit easier. :D
Online sure helps sitting at the port authority in pandemic sipping karak corruption chaap chaa
There are many Non-Resident Pakistanis that have also opened normal saving accounts in Pakistani banks as well. For a few years, we have been paying 20% Witholding tax on our profits which is extortion and putting us off. I hope the Govt will look into this matter and provide us incentives to send more money into our accounts. Many overseas Pakistanis invest privately in saving accounts to be on the safe side.
I think these non resident Pakistanis should check up on their files. They were selling data like mineral water down there
 

FOOLS_NIGHTMARE

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You pay taxes in the country where the income is generated.
Agree, we were happy when the WHT was 10%, 20% is way too much as an overseas Pakistani many see their returns in negative after taking out the currency depreciation and inflation. If they want to lure overseas Pakistanis they have to give us some incentives.
 

Morpheus

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Agree, we were happy when the WHT was 10%, 20% is way too much as an overseas Pakistani many see their returns in negative after taking out the currency depreciation and inflation. If they want to lure overseas Pakistanis they have to give us some incentives.
WHT is still 10%. Regardless if the person is oversea Pakistan or local, if he is not a filer, bank will deducted 20% (10% is tax on profit, and 10% is WHT). When the person is a filer, the bank won't deduct 10% WHT. For oversea Pakistani, they can just file one form, and they will become filers (I think its form 116). Even after become a filer, you will have to pay tax of 10% on the profit earned.

By the way, once you are filer, you can get the 10% WHT you paid back. That is the purpose of WHT. To get the person to become a filer.
 

TheSnakeEatingMarkhur

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Govt to Offer Tax Exemptions to Overseas Pakistanis Under New Program

Posted 4 mins ago by Jehangir Nasir

FBR regulatory duty


The government is planning to offer tax incentives and concessions to the Overseas Pakistanis under the National Remittance Loyalty Program (NRLP) including duties and tax exemption on the import of different items including vehicles.


Sources in the Ministry of Finance told Propakistani that a meeting has been scheduled on Friday (January 15) at the Finance Division on the NRLP. The federal government is in the process to introduce a National Remittance Loyalty Program (NRLP) to facilitate overseas Pakistanis.
Under this program, overseas Pakistani remitters will be provided incentives and rewards (complementary and against earned points) for sending remittances to Pakistan.
A draft agreement to be signed by the participating government organizations including FBR, FIA, PIA, and CAA in order to offer rewards/benefits under the NRPL was shared with the relevant stakeholders for their comments and suggestions. The benefits to be offered to the remitters have been specified in the draft agreement, officials said.

Under the draft agreement, separate counters for priority clearance at arrival and departure lounges at all international airports of Pakistan. CAA would place standees/banners with messages of appreciation for remitters with encouraging them to join NRLP free of cost. The FIA will make these counters effectively operational with dedicated resources.

The staff at special counters for operations would receive special training of customers facilitation by the FIA/CAA.
Under the agreement, the FBR will offer duty exemption to the overseas Pakistanis under the NRLP, as already available to existing Foreign Exchange Remittance Card (FERC) holders, on television, deep freezer, refrigerator, microwave, cooking range, washing machine, air conditioner for each one item per year and one Mobile phone without customs duty in a year.
Another important change would be to restrict the scope of import of automobiles under the Baggage Scheme to only registered users under the NRLP.

The FBR is also considering that customs duty payment to be settled through the point redemption on the NRLP merchant module. The revenue board will also offer a discount on taxes on the purchase of locally manufactured vehicles one in three years under the agreement.
The renewal of CNIC/NICOP on the redemption of points would be allowed to the overseas Pakistanis. Moreover, the Passport Office will allow the renewal of the passport to registered NRPL remitters.

The 50 percent discounts would be available at OPF-Schools for children of registered NRLP remitters. The special quota for registered NRLP customers in all OPF/Naya Pakistan Housing Authority Housing Schemes. However, the same may be allowed in accordance with the FE Regulations applicable.

OPF/Naya Pakistan Housing Authorities would be responsible to settle the fee of OPF schools through point redemption on the NRLP merchant module.

Under the draft agreement, the PIA will allow 20 percent extra baggage allowance to the registered NRLP remitters; 10 percent discount on international tickets by the PIA.

The payment to “luggage exceeding the limit and 20 percent extra allowance to be settled through the point redemption of the NRLP and payable ticket cost to be settled through point redemption on NRLP merchant module.

50 percent discount on various government charges for repeat emigrant workers (going abroad for employment for the second or later time); payable fee to be settled through point redemption on NRLP merchant module.

The amount payable Utility Stores will be settled through point redemption on NRLP merchant module, they added.

+++++++++++++++++++++++
Well happy if I get tax examption on BMW 1 series..
 

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