ISLAMABAD: Finance Minister Ishaq Dar has said that there is no plan under consideration to levy tax or duty on inward home remittances which is a key source of foreign exchange flows into Pakistan. It must be noted that there are over eight million Pakistanis living abroad and contributing in the development and progress of the country.
The finance minister further stated that the PML-N government, in coordination with State Bank of Pakistan, will try to increase the home remittances annually. It will offer a simple framework so that overseas Pakistanis working abroad could send remittances back home at a minimum cost. Successful launch of Transfast is a ready reference for critics of government.
There are no plans under consideration to impose taxes on inward remittances and the news reports appearing in some newspapers on this issue are incorrect. Government is trying to strengthen the Forex markets and improving the balance of payments, Ishaq Dar categorically said.
During the current fiscal year, we have seen a very substantive growth in Forex reserves of the country based on various initiatives taken by the present government. Present reserves are above 17 billion dollars and we would be able to achieve target of 20 billion dollars, he concluded as saying.
