{"id":65955,"date":"2020-05-29T09:56:00","date_gmt":"2020-05-29T04:56:00","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=65955"},"modified":"2020-05-28T18:00:35","modified_gmt":"2020-05-28T13:00:35","slug":"fbr-proposes-tax-on-foreign-currency-accounts","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html","title":{"rendered":"FBR proposes tax on foreign currency accounts"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks; including foreign-currency accounts \u2014 a news source reported. In this regard, the tax will also be imposed on profits from loans \u2014 with the move expected to allow the tax authority to generate nearly PKR 26 billion during FY2020-21.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/fbr-to-credit-due-tax-refunds-in-bank-accounts.html\" target=\"_blank\" rel=\"noreferrer noopener\">No more tax refund cheques, FBR to credit due amounts in bank accounts<\/a><\/p>\n\n\n\n<p>However, the State Bank of Pakistan (SBP) has opposed the move to tax foreign currency or Special Convertible Rupee accounts \u2014 as these are being used to invest hot foreign money in Pakistan.<\/p>\n\n\n\n<p>Reportedly, a uniform tax imposed as a withholding tax has also been proposed by the banks as they have been facing issues in determining tax liabilities due to a number of factors.<\/p>\n\n\n\n<p>Read: <a href=\"https:\/\/www.zameen.com\/news\/fbr-tax-gifts-from-relatives-if-not-sent-via-banking-channels.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to tax gifts from relatives if not sent via banking channels<\/a><\/p>\n\n\n\n<p>The aforementioned proposals are a result of the government\u2019s efforts to increase revenue, as it is aiming for a revenue collection target of PKR 5.1 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks; including foreign-currency accounts \u2014 a news source reported. In this regard, the tax will also be imposed on profits from loans \u2014 with the move expected to allow the tax authority to generate nearly PKR 26 billion during FY2020-21. Read: No more tax refund cheques, FBR to credit due amounts in bank accounts However, the State Bank of Pakistan (SBP) has opposed the move to tax foreign currency or Special Convertible Rupee accounts \u2014 as these are being used to invest hot foreign money in Pakistan. Reportedly, a uniform tax imposed as a withholding tax has also been proposed by the banks as they have been facing issues in determining tax liabilities due to a number of factors. Read: FBR to tax gifts from relatives if not sent via banking channels The aforementioned proposals are a result of the government\u2019s efforts to increase revenue, as it is aiming for a revenue collection target of PKR 5.1 trillion.<\/p>\n","protected":false},"author":57,"featured_media":59990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[30266],"persona":[],"class_list":{"0":"post-65955","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-proposes-tax-on-foreign-currency-accounts","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>FBR proposes tax on foreign currency accounts - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks;\" \/>\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\/fbr-proposes-tax-on-foreign-currency-accounts.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR proposes tax on foreign currency accounts - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-29T04:56:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Muhammad Farhad\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Muhammad Farhad\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBR proposes tax on foreign currency accounts - Zameen News","description":"Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks;","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html","og_locale":"en_US","og_type":"article","og_title":"FBR proposes tax on foreign currency accounts - Zameen News","og_description":"Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks;","og_url":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2020-05-29T04:56:00+00:00","og_image":[{"width":1100,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","type":"image\/jpeg"}],"author":"Muhammad Farhad","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Muhammad Farhad","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html"},"author":{"name":"Muhammad Farhad","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9fc1132e74cdd346f201633b8d1cebc9"},"headline":"FBR proposes tax on foreign currency accounts","datePublished":"2020-05-29T04:56:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html"},"wordCount":186,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","keywords":["FBR proposes tax on foreign currency accounts"],"articleSection":["Notices &amp; Announcements"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html","url":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html","name":"FBR proposes tax on foreign currency accounts - Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","datePublished":"2020-05-29T04:56:00+00:00","description":"Islamabad: The Federal Board of Revenue (FBR) recently submitted a proposal to impose a uniform tax of 15% on profits earned through money saved in banks;","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","width":1100,"height":400,"caption":"The Federal Board of Revenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/fbr-proposes-tax-on-foreign-currency-accounts.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"FBR proposes tax on foreign currency accounts"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9fc1132e74cdd346f201633b8d1cebc9","name":"Muhammad Farhad","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/13eadb15a0125b6648e56703aaf7543058fea376b06a73209cde68f09b9b093d?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/13eadb15a0125b6648e56703aaf7543058fea376b06a73209cde68f09b9b093d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/13eadb15a0125b6648e56703aaf7543058fea376b06a73209cde68f09b9b093d?s=96&d=mm&r=g","caption":"Muhammad Farhad"},"description":"Muhammad Farhad is a Content Developer at Zameen.com.","url":"https:\/\/www.zameen.com\/news\/author\/farhad-hassan"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/65955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=65955"}],"version-history":[{"count":1,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/65955\/revisions"}],"predecessor-version":[{"id":65956,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/65955\/revisions\/65956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/59990"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=65955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=65955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=65955"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=65955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}