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ISLAMABAD: Every exchange company licensed by the State Bank of Pakistan (SBP) shall deduct tax at the time of making payment of service charges or commission or fee to the global money transfer operators, international money transfer operators or such other persons engaged in international money transfers or cross-border remittances for facilitating outward remittances.

According to the Finance Act, 2022, issued on Friday, where such person retains service charges or commission or fee, by whatever name called from the amount payable to the exchange company on any account, the exchange company shall be deemed to have paid the service charges or commission or fee, by whatever name called and the exchange company shall collect the tax accordingly.

Remittances fall 25.4% month-on-month to $2.3bn in May 2022

Every banking company while making payment to card network company or payment gateway or any other person, of any transaction fee or licensing fee or service charges or commission or fee by whatever name called orinter bank financial telecommunication services, shall deduct tax at the rates given in Division IV, Part I of the First Schedule: Provided that where card network company or payment gateway or any other person retains money in relation to aforementioned services from the amount payable to the banking company on any account, the banking company shall be deemed to have paid the amount and the banking company shall collect the tax accordingly, it said.

Copyright Business Recorder, 2022

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