ISLAMABAD – Finance Minister Ishaq Dar has stated that the government is considering eliminating a 2% final tax on the acquisition of real estate for Pakistanis living abroad in an effort to promote remittances through official channels.
In his budget speech to the National Assembly on Friday, the finance minister stated that “remittances are a crucial part of foreign exchange reserves, representing 90% of the country’s exports.”
To encourage remittances through official channels, the government has also suggested the implementation of a “diamond card” for anyone contributing over $50,000 in addition to removing the final tax on immovable property.
The “diamond card” entitles holders to exceptional rewards through drawings, one non-prohibited firearms licence, a free passport, priority access to Pakistani embassies and consulates and fast-track immigration at Pakistani airports.
As the crisis-ridden nation seeks to convince the International Monetary Fund (IMF) to release further bailout money, Dar made the plan as he announces a Rs14.46 trillion budget for the fiscal year 2023–24, introducing “no new taxes” and projecting an economic growth of 3.5%.
Pakistan sets 3.5 GDP growth target as Ishaq Dar presents federal budget for FY24
