Pakistan has increased the tax on credit and debit cards abroad by 400%

Pakistan has increased the tax on credit and debit cards abroad by 400%

A notification has also been issued in this regard. According to the notification, tax on credit and debit card has been increased from 1% to 5% for taxpayers.

Apart from this, the credit, debit card tax for registered but non-taxpayers has been increased from 2 to 10 percent.

In this regard, the Federal Board of Revenue said that the tax was increased due to the transfer of large sums of money abroad by non-resident Pakistanis.

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Sources, FBR has increased the rate of credit and debit cards to prevent the transfer of foreign capital abroad.