Suggestion of system change
I really appreciate fast successful meetings our FBR
Team, Mr. Haroon Akhter and Minister for current Tax Policy. Why did not this respected management utilizing goby from other countries like Europe, Australia, USA or Canada. Currently the discussion concludes that Black Money (OVERSEAS HALAL EARING) becoming issue day by day and it will effect drastically to Overseas Pakistani. A small change in system can resolve many issues and will give best conversion and usage of “WHITE MONEY”
I will feeling itchy and uncomfortable by giving the example of India our neighbor where all overseas Indian have one NRIs (Non Residence Indian) account (NRE), which is using very efficiently and effectively in-country and no BLACK and WHITE concept for overseas workers. Our Management can take other country best goby.
Non Residence Overseas account lets Overseas Pakistani transfer Our earnings to Pakistan conveniently with complete security in “WHITE” mode.
Features & Benefits: (1.) Free transfers of funds freely between Pakistan and abroad. (2.) Pay ZERO tax on the interest earned on your Non Residence Account in Pakistan
Accessibility: (1.) Withdraw cash easily and shop worldwide with International Debit Card. (2.) Appoint a mandate to operate your account for you
Managing your account: (1.) Transfer your funds freely to any place outside Pakistan. (2.) Conduct transactions securely online, 24x7 with Net Banking . (3.) Other benefits of Pay utility bills, Cheque books, sage deposit lockers same typical.
To transfer money to your NR Overseas account, we can: (1.) Transfer funds from abroad in a freely convertible foreign currency (2.) Present foreign currency notes / traveler’s cheques brought in by us on your visit to Pakistan. (3.) Directly remit the amount to Pakistan bank from your overseas bank account. (4.) Transfer funds from an existing Non Residence Overseas Account held in other banks in Pakistan.
Now when one overseas will use this amount purchasing the property by paying from his overseas account the money will be always WHITE and no need to worry to overseas employee as well as FBR. It will save a lot of time and work very professionally.