Legal Question in Banking Law in Pakistan

Dear Sirs,

I seek an answer to the following question from someone in your organization who can quote a legal reference:

A "Not-for-profit" organization has been set up in the USA which extends financial support to a Registered Trust in Pakistan. Since the Trust does not have a bank account yet, they withdraw funds from ATM using a debit card provided to them by the org in the USA. These transactions are supported by the bank statements of the concerned bank in the USA. The question is: Are these transactions of foreign funding considered legally acceptable transactions, and is ATM a legal channel, as far as Pakistani tax authorities or the Philanthropy Center of Pakistan is concerned?

I shall be highly obliged for an authentic response.


Asked on 4/18/17, 1:50 am

3 Answers from Attorneys
Sher Baz Ali Sameja, Mughal & Meo-The Law Firm

Dear,

It must be bank account, if trust a registered then must be a bank account?

yes Tax and interior department show concerns about ATM translocation without account.

For more detail or any question email us [email protected]

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Answered on 4/19/17, 4:56 am
Salman Khan International Lawyer

Hi,

They are legal transactions but not exempted from tax as they are sent to persons not to trust. For more you can consult at [email protected]

Regards,

www.internationalattorney.info

+92-333-5339880

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Answered on 5/09/17, 12:13 am
Adnan Bashir A B Choudry Law Firm

contact at

[email protected]

0333-5492377

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Answered on 10/31/17, 5:38 am


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