Budget 2022-23: Taxes Imposed on Sending Remittances via Credit and Debit Cards

The federal government has decided to levy taxes on anyone who sends money overseas via credit, debit, or pre-paid cards.

Finance Minister Miftah Ismail announced the decision in the National Assembly when presenting the Budget for the Fiscal Year 2022–23 (FY23).

According to Miftah Ismail, the government has decided to collect an advance withholding tax from people who send money overseas using credit, debit, or pre-paid cards.

It has also been recommended that filers who send money overseas using credit, debit, or pre-paid cards have to pay a 1% withholding tax, while non-filers will be charged a 2% tax, he said.

The withholding tax on credit, debit, and prepaid cards, on the other hand, can be modified later, according to the finance minister.

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