Business

Budget 2022-23: Tax Imposed on International Payments Via Debit and Credit Cards

Budget 2022-23: Tax Imposed on International Payments Via Debit and Credit Cards

International payments made with credit cards, debit cards, and pre-paid cards will be subject to an advance withholding tax.

Miftah Ismail, the federal minister of finance, stated during the introduction of the budget for 2022–23 that the tax rate for tax filers and non-filers will be different. The advance withholding tax rate for filers will be 1%, while for non-filers it will be 2%. It will also be modifiable in relation to the tax that is owed.

In Pakistan, there are a number of services and cards that can be used to make foreign payments. Pakistanis send money abroad via a variety of methods for a variety of reasons, such as online shopping, trading, and so on.

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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