ISLAMABAD: The federal government on Friday introduced many lucrative incentives for Overseas Pakistanis in the federal budget 2023-24 to increase remittances.
Minister for Financed Ishaq Dar in his budget speech, stated that remittances were important source of reserves as remittances were 90 percent of the total foreign reserves.
The minister said that the government had introduced incentives for those overseas Pakistanis who send their remittances through formal channels.
The minister said that the government had abolished two percent final tax on purchase of immovable property through foreign remittances.
He said that the government had introduced a new card namely Diamond Card in Remittances Card category for those who would send more than $ 50,000 foreign remittances annually. The Diamond Card beneficiaries would enjoy one non-prohibited bore license, Gratis Passport, preferential access to Pakistani Embassies and counsels and fast track immigration service at Pakistani Airports, he added.
He said that a new scheme of prizes for Remittances Card Holders would also be introduced.