Should Overseas Pakistanis file Income tax return? Brief guide with Common FAQs answered
Thinking about filing tax return but scared of any notices? Here's a breakdown of filing Income tax return
Benefits
Sale purchase property @ 1/10th tax of nonfiler
Half rate on vehicle registry tax
No bank transaction issue
If you need to get any of these transactions done after deadline you will have to pay 25k penalty
FAQs
How much tax do I have to pay? No you don't need to pay any taxes if you file return you have already paid taxes in the country you live in, though you will have to pay tax on any income earned in Pak (rent, interest, business)
Will I get any Audit notices? No since you haven't earned anything in Pak you don't need to worry about Audit
I send money to my Account in Pak and family withdraws from ATM, why is tax deducted on ATM transaction? If Nonfiler withdraws more tha 50k from ATM (in 1 day) then tax deducted from Bank Account
Do I need to declare income earned in US/UK/Gulf? No