Pakistan is exploring ways to bring back billions from abroad, with government sources saying high-level discussions are underway to repatriate overseas wealth and boost the national economy.
Due to US and Israeli attacks on Iran, Pakistanis are now seeking to move their wealth to safer countries.
The government is considering repatriating these funds through the Roshan Digital Scheme and is also deliberating on allowing citizens of other countries to invest under the scheme.
How much money is held abroad?
Sources said that around 20 billion dollars (approximately 5.6 trillion Pakistani rupees) are currently held by Pakistanis in the Middle East and Europe. This amount was declared under the amnesty schemes in 2018 and 2019, but was not transferred to Pakistan.
Government sources also stated that a total of 82,889 declarations were submitted under both schemes, generating 19.4 billion rupees in taxes for the government.
Currently, only overseas Pakistanis can invest in this scheme, but the government plans to allow foreign companies and Pakistanis to participate as well.
Additionally, the government is working on offering tax concessions to overseas Pakistanis investing in the real estate sector. Under this plan, a 10 per cent tax will be levied on properties purchased by overseas Pakistanis. This facility will not be available to those holding illicit funds and may be implemented in the next budget or sooner.
