News Column

PRA exempts money changers from sales tax

May 22, 2014

In pursuance of directives of federal government, Punjab Revenue Authority (PRA) has exempted foreign currency dealers and money changers services from sales tax.

Sources said provincial tax authority has decided to grant exemption to currency dealers from provincial sales tax for 2 years to encourage foreign exchange inflows into the country.

Sources said Currency dealers and government were piling pressure on PRA that government was striving for encouraging remittances inflows and on the other hand sales tax on currency dealers was causing pressure on value of rupee and remittances inflow, therefore, it should be scrapped for some period.

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Source: National Herald Tribune (Pakistan)

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