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Re: Foreign Inward Remittances Certificate

Active Member
Syed Waqas B Member Since: Mar 26, 2016
21 of 40

lol Shah F, According to current Pakistani State Bank law you can get USD account (and later USD wire) when you become a Tax filer. I suppose that mean that we need to get the Remittances Certificate before that. Smiley Very Happy

Active Member
Shah F Member Since: Dec 18, 2015
22 of 40

Local wire transfer in PKR or pioneer has  no evidence to prove you got remmitence . While USD wire transfer reflect your account transaction with Inward transaction  and its proof of you income . and there is no tax on Inward transactions either your bank account USD or PKR .

Active Member
Fraz A Member Since: Sep 21, 2010
23 of 40

Yesterday I talked with the operations manager of my branch and he has agreed upon arranging the PRC. I am going to try $200 withdraw, let's see how it goes....I will update here again.

Active Member
Junaid A Member Since: Apr 4, 2019
24 of 40

Hello Faraz


can you please tell me whats outcome. how are you guys solving  tax issue with payoneer or IBFT payments from upwork/payoneer?  


did PRC help ?


thanks for input


Active Member
Fraz A Member Since: Sep 21, 2010
25 of 40

Yeah here is the was transferred via Barclays Bank London to the Standard Chartered Bank..and then SCB transferred to my Faysal Bank.


The payment got delayed because SCB needed R-Form to be submitted by me. I had sent them the R-Form and mentioning the finance code of 9184 (Software Export).


I was able to get the PRC from SCB as well after a few days (Had to apply for this via my bank - Faysal Bank). But I found that they have recorded with wrong finance code, they used the "miscellaneous" code. They also mentioned that foreign amount was received in PKR, not in USD.


I have written again to PSEB and waiting for their reply...I have asked them if Tax Exemption will still be applied if we receive foreign payment in PKR.


Next time if I withdraw from Payoneer, I will send an additional letter to SCB and emphasizing on using the correct finance code.


Verdict: It was not an IBFT that's a good sign. In my opinion, a foreign remittance in PKR should not be an issue for tax exemption (It is still an export).


p.s; Since I withdraw to my company account that's why SCB needed R-Form from me...I think banks don't ask for R-Form in case of a personal account. Personal accounts should be avoided anyway if you are working professionally.

Active Member
Tabish N Member Since: Nov 15, 2016
26 of 40

Hi Fraz,


Did you made your withdrawal from Payoneer in PKR or USD?


If you withdraw in PKR let me know SCB still provide you PRC certificate.


I see Payoneer have now both options whether we want to make our withdrawal in PKR or USD, they charged 2%  fees of total amount if we made withdrawak in USD.


But I see the if we made withdrawal in PKR we get better conersion rate from Payoneer and if we made withdrawal in USD we have to Pay 2% fee and the conversion rate is depend on our bank because the payment will be made through SWIFT channel.


Suppose if we withdraw $100 in PKR we get around PKR 15,450 with the conversion rate of 154.50

If we withdraw $100 in USD we have to pay 2% fee so the remaining amount is $98 and we get around 15,288 if our bank convert $98 with currenr rate of 156.

There is one more thing if we want to withdraw in USD there is minimum $300 thershold.


I recently made withdraw of $2000 in USD from payoneer. But if I withdraw them in PKR I get an extra PKR 3000 because in PKR there is no 2% fee.


So in short I want to know if I withdraw in PKR instead of USD, The funds still count remittance and I can get PRC or it same ATM withdrawal in Bank statement. I am withdrawing funds in my company account not personal.



Active Member
Fraz A Member Since: Sep 21, 2010
27 of 40

Yeah, you will still be able to get the PRC even if you withdraw in PKR. But it is a serious hectic to get the PRC with correct finance code.


I was not aware that Payoneer has started the USD withdrawal again. Last time when I had checked with them, it was not available. But I can see the USD option again.


For all future, I will stick with USD withdrawal, even though they are bit costlier but that's the way to go to save from future issues especially tax-related and PSEB issues.

Active Member
Fraz A Member Since: Sep 21, 2010
28 of 40

Can you also tell me if the USD withdrawal does NOT show as an ATM transfer but proper international transfer in your bank statement?

Active Member
Tabish N Member Since: Nov 15, 2016
29 of 40



Yes it show as inward foreign remittance in bank statement not as an ATM transfer.

I had transfer it in my Meezan Bank Account and get that in 2-3 working days on the rate of 156.35.


I don't know about other banks but meezan is giving me best rates...

Active Member
Muhammad T Member Since: Jul 7, 2017
30 of 40

Shah can you tell me what rate currently you are getting. In local wire transfer its about 132 what about USD wire transfer. Also tell me do I need to get USD account or my same account will work and bank will automatically convert. I got confused because at same point one is talking about converstion rate and also to get USD account.