Authorities consider proposals to repatriate billions via Roshan Digital Account

Authorities are considering several proposals, including allowing investment in the Roshan Digital Account, to bring back billions of dollars held abroad by Pakistanis.

Sources divulged that Pakistanis hold around $20 billion in wealth across countries including the Middle East and Europe. Consideration is underway to permit any citizen to invest in the Roshan Digital Account to repatriate this wealth.

Currently, the scheme is open only to overseas Pakistanis. Officials are now reviewing the possibility of allowing foreign companies and residents of Pakistan to invest under the scheme.

Sources report that during the first eight months of the current financial year, one billion seventy-six million dollars were invested in the New Pakistan Certificates. In view of regional tensions, the authorities are exploring ways to facilitate the transfer of external wealth. Wealth declared under the amnesty in 2018 and 2019 was not transferred to Pakistan.

According to FBR sources, 82,889 individuals submitted declarations under both schemes, resulting in a total tax revenue of Rs19.4 billion for the government. Proposals also include granting overseas Pakistanis tax concessions in the real estate sector. A ten percent tax on the value of properties purchased by overseas Pakistanis in the real estate sector has been suggested.