Proceeds Realization Certificate for Remittances // How you can benefit
Pakistanis who receive remittances from abroad or Overseas Pakistanis who send
money to Pakistan can benefit from a Proceeds Realization Certificate (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.
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.
request a PRC and receive a tax-free ‘Home Remittance.’
Contact your bank
branch with a written application for the issuance of PRC for your transactions.
Prepare a list
of transactions with amount and date and bank & attach it with the application.
will send this request to their remittance department.
remittance department verifies your request and will issue the PRC and send it to
collect the PRC for free from your branch.
this income as Exempt in Income Tax Return and show the PRC upon FBR Request.
much does it cost?
It is free of cost for 12 months of receiving