{"id":64892,"date":"2020-04-30T10:00:39","date_gmt":"2020-04-30T05:00:39","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=64892"},"modified":"2020-04-30T14:28:47","modified_gmt":"2020-04-30T09:28:47","slug":"govt-to-abolish-wht-on-remittances-in-fy-2020-21","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/govt-to-abolish-wht-on-remittances-in-fy-2020-21.html","title":{"rendered":"Govt to abolish WHT on remittances in FY2020-21"},"content":{"rendered":"\n<p>Islamabad: Following up on its announcement to introduce a loyalty programme for overseas Pakistanis, the government has announced \u00a0its decision to abolish the Withholding Tax (WHT) on remittances from July 1 onwards, a news source reported.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/measures-boosting-remittances-official-banking-channels-approved.html\" target=\"_blank\" rel=\"noreferrer noopener\">Measures for boosting remittances via official banking channels approved<\/a><\/p>\n\n\n\n<p>More specifically the withholding tax on cash withdrawals, transfers and bank instruments from a domestic bank account will be exempted from withholding tax for the amount received from abroad in that account during the past year.<\/p>\n\n\n\n<p>The measures the government had announced during the past year have also been effective as remittances rose to USD 17 billion during the first nine months of current fiscal, a growth of 6.2% for the same period last year.\u00a0 The government expects the total remittances to cross USD 20 billion by the end of Fiscal Year 2019-20.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/govt-launch-loyalty-programme-overseas-pakistanis.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt to launch loyalty programme for overseas Pakistanis<\/a><\/p>\n\n\n\n<p>In a related development, stakeholders have requested the government to introduce the requisite amendment in the Income Tax Ordinance through the Finance Bill.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Following up on its announcement to introduce a loyalty programme for overseas Pakistanis, the government has announced \u00a0its decision to abolish the Withholding Tax (WHT) on remittances from July 1 onwards, a news source reported. Read: Measures for boosting remittances via official banking channels approved More specifically the withholding tax on cash withdrawals, transfers and bank instruments from a domestic bank account will be exempted from withholding tax for the amount received from abroad in that account during the past year. The measures the government had announced during the past year have also been effective as remittances rose to USD 17 billion during the first nine months of current fiscal, a growth of 6.2% for the same period last year.\u00a0 The government expects the total remittances to cross USD 20 billion by the end of Fiscal Year 2019-20. Read: Govt to launch loyalty programme for overseas Pakistanis In a related development, stakeholders have requested the government to introduce the requisite amendment in the Income Tax Ordinance through the Finance Bill.<\/p>\n","protected":false},"author":57,"featured_media":64102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[27716],"persona":[],"class_list":{"0":"post-64892","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-govt-to-abolish-wht-on-remittances-in-fy-2020-21","9":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt to abolish WHT on remittances in FY 2020-21 - Zameen News<\/title>\n<meta name=\"description\" content=\"Following up on its announcement to introduce a loyalty programme for overseas Pakistanis, the government has announced its decision to abolish the Withholding Tax (WHT) on remittances from July 1 onwards.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/govt-to-abolish-wht-on-remittances-in-fy-2020-21.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt to abolish WHT on remittances in FY 2020-21 - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Following up on its announcement to introduce a loyalty programme for overseas Pakistanis, the government has announced its decision to abolish the Withholding Tax (WHT) on remittances from July 1 onwards.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/govt-to-abolish-wht-on-remittances-in-fy-2020-21.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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