ISLAMABAD: Finance Minister, Senator Mohammad Ishaq Dar stated that there were no plans under consideration to levy any kind of tax on inward home remittances.
Home remittance was a very stable source of foreign exchange flows into the country; and represented the hard work of millions of Pakistanis living overseas and their commitment for the development of Pakistan; he stated this while addressing the launching ceremony of the Financial Inclusion Strategy here Friday evening.
Government of Pakistan in coordination with State Bank of Pakistan (SBP) would continue to work towards further growth in home remittances; and provide a framework where any Pakistani working abroad would be able to send remittances to Pakistan easily and at a minimum cost. “It is emphasized that no plans are under consideration to impose taxes on inward remittances and the news reports appearing in some newspapers on this issue are not correct”, the Finance Minister remarked.
The minister said that during the current fiscal year, we have seen a very substantive growth in forex reserves of the country based on various initiatives taken / planned by the government; and we expect that this growth in Reserves would continue. This would ensure stability in the foreign exchange markets and strengthen our BOP position, Dar added.
