Govt Launches Amnesty to Bring Dollars Into the Country
The federal government has decided to permit persons to bring in up to $100,000 from outside without declaring the source of income, which is a significant move to stimulate the entry of foreign currency.
According to the budget document, it has been proposed to increase the amount of foreign remittances that can be sent from outside Pakistan for the purposes of section 111(4), which prohibits asking about the nature and source of illogical assets and income, from Rs. 5 million to the rupee equivalent of $100,000.
Read More: Increase in Monetary Limit of Foreign Remittances
Currently, if the amount remitted does not exceed Rs. 5 million every tax year, authorities are not allowed to inquire for proof of income. The Income Tax Ordinance’s Section 111(4), which is the subject of the proposed revision, would essentially change Rs. 5 million to $100,000, or Rs. 29 million, which is a significant increase.
It is important to note that the government cut the cap from Rs. 10 million to Rs. 5 million a few years ago to lessen the likelihood that black money would be turned into white money.
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