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%.
Pakistani rupee remains largely stable against the US dollar, and other currencies in the open market on Sunday.
On Sunday, the US dollar was being quoted at 283.4 for buying and 285.95 for selling.
Euro comes down to 307 for buying and 310 for selling. British Pound rate remains unchanged at 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.2 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.37||36.72|
|New Zealand Dollar||NZD||175.33||177.33|
Gold prices decreased in local markets in line with the trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs216,300, and 10 grams of 24k gold costs Rs185,450.
Single tola of 22 Karat Gold price costs Rs198,274, 21 karat rate per tola costs Rs189,263 and 18k gold rate is Rs162,225 for each tola.
In the global market, gold prices hovers around $2,004 per ounce, after drop of $23.35 on Sunday.
|Lahore||PKR 216,300||PKR 2,486|
|Karachi||PKR 216,300||PKR 2,486|
|Islamabad||PKR 216,300||PKR 2,486|
|Peshawar||PKR 216,300||PKR 2,486|
|Quetta||PKR 216,300||PKR 2,486|
|Sialkot||PKR 216,300||PKR 2,486|
|Attock||PKR 216,300||PKR 2,486|
|Gujranwala||PKR 216,300||PKR 2,486|
|Jehlum||PKR 216,300||PKR 2,486|
|Multan||PKR 216,300||PKR 2,486|
|Bahawalpur||PKR 216,300||PKR 2,486|
|Gujrat||PKR 216,300||PKR 2,486|
|Nawabshah||PKR 216,300||PKR 2,486|
|Chakwal||PKR 216,300||PKR 2,486|
|Hyderabad||PKR 216,300||PKR 2,486|
|Nowshehra||PKR 216,300||PKR 2,486|
|Sargodha||PKR 216,300||PKR 2,486|
|Faisalabad||PKR 216,300||PKR 2,486|
|Mirpur||PKR 216,300||PKR 2,486|