BUDGET 2022-23: TAXES IMPOSED ON SENDING REMITTANCES VIA CREDIT, DEBIT CARDS

SLAMABAD: 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.

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.