Roshan Digital Accounts (RDAs) have received $500 million inflows in the past five months. This was revealed by Prime Minister Imran Khan through his Twitter account.
The number of RDA has also reached 87,833 from 97 countries. The PM said through his Twitter, “$500 million sent to Pakistan in just 5 months. Momentum continues to rise with $243 million coming in the last 6 weeks alone.”
I want to thank our Overseas Pakistanis for responding so strongly to SBP’s #RoshanDigitalAccounts. 87,833 accounts opened from 97 countries around the world. $500 million sent to Pakistan in just 5 months. Momentum continues to rise with $243 million coming in last 6 weeks alone
— Imran Khan (@ImranKhanPTI) February 16, 2021
While the non-resident Pakistanis (NRPs) investing in Naya Pakistan Certificates (NPCs) through their RDAs were already under the full and final taxation regime, now the State Bank of Pakistan (SBP) has also simplified the tax regime for RDAs themselves.
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“Based on feedback from the diaspora and recommendations from SBP, the Federal Government has introduced several amendments in the Income Tax Ordinance 2001 through Tax Laws (Amendment) Ordinance 2021 to make the taxation regime simple, convenient and hassle-free for NRPs maintaining RDAs,” a statement by the SBP said.
These new amendments have extended the coverage of full and final taxation regime to dividends and capital gains on shares and mutual fund investments made through RDAs, and capital gains on real estate investments made through RDAs.
NRPs will not need to file tax returns against their income derived from the investment made through RDAs under the above heads.
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This simplification of the tax regime is likely to boost inflows from RDAs that have already brought in significant amounts from NRPs since it was introduced in September last year.
Remittances from overseas Pakistanis have also increased by 24 percent to $16.5 billion in seven months of the current fiscal year. In January, $2.3 billion was received in remittance, showing a 19 percent increase from January 2020.
