Budget 2022-23: Taxes imposed on sending remittances via credit, debit cards
- By Web Desk -
- Jun 10, 2022
ISLAMABAD: The federal government has decided to impose taxes on those sending remittances abroad via credit, debit and pre-paid cards, ARY News reported on Friday.
The decision was announced by Finance Minister Miftah Ismail while presenting the Budget for the fiscal year 2022-23 (FY23) in the National Assembly.
Read More: Rs9.5 trillion budget presented for FY 2022-23
Miftah Ismail said that the government has decided to collect the advance withholding tax from those sending remittances abroad via credit, debit and pre-paid cards.
It has also been suggested that the filers who send money abroad through credit, debit, or pre-paid cards will have to pay 1 percent withholding tax, while for a similar transaction, non-filers will be charged 2 percent tax, he said.
However, the withholding tax on credit, debit and prepaid cards can be adjusted later on, the finance minister added.