The photo has been used for illustrative purposes.
The Ministry of Overseas Pakistanis and Human Resource Development made a major announcement for overseas Pakistanis on Wednesday.
Soon Pakistanis living in UAE will be able to take home a hybrid car up to 3000cc country tax-free.
The procedure would be available to a person upon presenting a proof that the person has remitted $100,000 to Pakistan using legal banking systems within two years.
Sayed Z. Bukhari, Special Assistant to the PM for Overseas Pakistanis & HRD and Chairman National Tourism Coordination Board said,
“In recognition of our #OverseasPakistanis who use banking channels to send money back home, my ministry has proposed to reward them for their contribution to the national exchequer. I will be backing this initiative with full force so in time we can kill the menace of hundi/havala…”
Bukhari shared a copy of the ministry’s letter on Twitter.
The Pakistan Overseas Ministry proposal has been forwarded to the Ministry of Industries and Production and Engineering Development Board (EDB). The ministry will seek opinion to allow the Foreign Exchange Remittance Card (FERC) holders to avail benefit of the duty-free vehicle import.
The aim of the initiative will benefit Pakistanis residing abroad as well as improve foreign exchange reserves.
Pakistani expats, at the moment, can import cars from the UAE, but the procedure has hefty Customs duties from 60 per cent to over 100 per cent of the value of the vehicle.
The initiative is an appreciation to the overseas Pakistanis who have been sending money home and paying taxes.
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The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Recent measures in Pakistan to widen the tax net, initiating a number of proposals like an amnesty scheme to allow people to declare their ‘unknown’ assets, and changes in tariff in many services and products, have created confusion among the Pakistani expatriates in the UAE.
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