FBR announces tax exemptions for overseas Pakistanis

The Federal Board of Revenue (FBR) has introduced a key update that provides tax exemptions for overseas Pakistanis, even if they are not listed on the Active Taxpayers List (ATL). This change benefits those holding Pakistan Origin Cards (POC) or National ID Cards for Overseas Pakistanis (NICOP).

According to an official letter from the FBR, non-resident individuals can now qualify for relief under sections 236C and 236K of the Income Tax Ordinance, 2001, through Clause 111AC.

This is a part of the FBR’s ongoing effort to ease the tax exemption process for overseas Pakistanis and encourage them to invest in the country.

To streamline the process, the FBR has launched a new digital verification system on its IRIS platform. Overseas Pakistanis seeking tax exemptions must upload their POC or NICOP documentation when generating their Computerized Payment Receipt (CPR).

The platform will then create a provisional PSID and initiate a quick verification process, which is expected to be completed within one business day.

A senior FBR official commented, “This new system is a significant step towards simplifying the process for overseas Pakistanis. It is designed to minimize delays and make the verification process more efficient.”

This move is expected to ease the tax burden on overseas Pakistanis and encourage greater investment in Pakistan’s economy.

Also Read

OGRA approves SNGPL request for Rs. 8.5 Billion finance costs

In a positive step, the Oil and Gas Regulatory Authority (OGRA) has...