LIBS Consultancy and Law Associate

Important point for overseas Pakistanis Foreign income is not automatically taxable in Pakistan simply because the person is a Pakistani citizen. Tax treatment depends heavily on whether the individual is a resident or non-resident for Pakistani tax purposes and on the nature/source of the income. For example, a non-resident Pakistani may have Pakistan-source income that needs to be reported even though they live and work abroad. LIBS Consultancy Pakistanis living abroad who still have tax/reporting obligations in Pakistan, filing an annual FBR return can be important for several reasons. However, being overseas does not automatically mean every person must file a Pakistani return; the obligation depends on tax residency, Pakistan-source income, assets, and other circumstances. LIBS social media network Why declare income/assets to FBR? 1-Maintain a clear financial record Declares Pakistan-source income, assets, liabilities and relevant transactions. Helps explain how property, bank ba...