Proceeds Realization Certificate for Remittances // How you can benefit

Rascim Khattak.

Proceeds Realization Certificate for Remittances // How you can benefit

All Pakistanis who receive remittances from abroad or Overseas Pakistanis who send money to Pakistan can benefit from a Proceeds Realization Certificate (PRC).

 

What is a PRC?

 PRC is a proof that payments you're receiving are from abroad. It is the authentication/verification from your Pakistani bank that remittance has been received and processed from an overseas arrangement.

 

How you can benefit from a PRC?

 If you receive remittance from abroad or send money to a Pakistani bank account from abroad, you can prove that your payments are ‘foreign remittance’ and therefore be exempt from tax in Pakistan. Every Pakistani bank is responsible for issuing a PRC for any foreign remittance.

  

How to request a PRC and receive a tax-free ‘Home Remittance.’

 1.    Contact your bank branch with a written application for the issuance of PRC for your transactions.

2.    Prepare a list of transactions with amount and date and bank & attach it with the application.

3.    Your bank will send this request to their remittance department.

4.    The remittance department verifies your request and will issue the PRC and send it to your bank.

5.    You can collect the PRC for free from your branch.

6.    Now, declare this income as Exempt in Income Tax Return and show the PRC upon FBR Request.

  

How much does it cost?

 It is free of cost for 12 months of receiving the payment.

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