Following Required To File Income Tax Return For 2020 For Overseas Pakistanis:
- Bank Name, Branch Address Current or Saving Account? and IBAN Number (Starting from PK… and Balance as On 30.06.2020; (ALL BANKS ACCOUNTS IN PAKISTAN IN YOUR NAME)
- Any Change in Previous Year Assets in Your Own Name like House/ Flat/ Car/ Bike etc.?
- Foreign Remittance From 01.07.2019 to 30.06.2020) If any?
Why Overseas Pakistanis should file Tax Return in Pakistan?
Overseas Pakistani earn abroad but they make their assets in Pakistan. Similarly, they maintain bank accounts in Pakistan from where they earn income. There are different rates of taxes on filer and non-filer in Pakistan. They have to just declare their foreign income in their Income Tax Return in Pakistan without any tax on such income. However, However, they have to pay taxed on their Pakistan-sourced income such income of profit from their bank accounts. In case a overseas Pakistani stay in Pakistan for a period for more than four months, they have to file tax return. Similarly, they have vehicles and residential and commercial properties they are required to file tax return and pay taxes as filer which is less than for non-filers. Thus, an oversea Pakistani should file Income Tax Return in Pakistan and only pay tax on their Pakistan-sourced income and get lot of advantages of low rate of taxation.
An Overseas Pakistanis can even become tax filer if his or her Pakistan-sourced income falls below the legal tax bracket or otherwise it doesn’t exist at all. If he has a valid CNIC, he can file nil tax returns to get the benefits of a filer.