Declaration must for passengers carrying $5,000 abroad: FBR

MG News | September 21, 2022 at 02:00 PM GMT+05:00

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September 21, 2022 (MLN): On Wednesday, the Federal Board of Revenue (FBR) mandated all persons flying aboard carrying $5,000 or above to declare the funds at the airport, a press release issued by the apex tax body showed.

It further added that travelers must fill out a form declaring the total carrying amount in addition to the details of traveling.

On the other hand, travelers arriving in Pakistan having $10,000 or above must also declare the amount and fill out the form about details and living in the country.

The FBR’s measure comes as the government aims to curtail the outflow of precious foreign exchange from the country.

Foreign exchange reserves held by the State Bank of Pakistan have fallen to $8.64bn from their peak of $20.1bn in the first week of September last year.

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