Sep 18, 2019 08:16:52 AM by Tabish N
Feb 28, 2019 07:37:01 AM by Syed Waqas B
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.
Feb 28, 2019 07:52:57 AM by Shah F
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 .
Apr 4, 2019 05:41:05 AM by Fraz A
Yeah here is the update....it 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 payment...so 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.
Sep 18, 2019 08:16:52 AM by Tabish N
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.
Thanks
Sep 18, 2019 08:36:32 PM by Fraz A
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.
Sep 19, 2019 06:37:12 PM Edited Sep 19, 2019 06:39:19 PM by Tabish N
Fraz,
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...
Mar 21, 2019 09:23:03 PM by Muhammad T
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.
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