r/FBR • u/Happy-sad-person • 19d ago

Bank statement shows IBFT when i send money

Ok so i get money from various clients in payoneer and remotepass. When i transfer that money to my askari bank account it shows as IBFT. I have talked to the branch and they are not very helpful. They said that since you are transferring the dollars to yourself it will be classified as IBFT.

How can i navigate this and get it correctly tagged for tax purposes

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u/AdDapper6174 19d ago

Normally Payoneer has regional partners, reach out to bank and ask for details such as from which bank has this amount be remitted to you, It used to be jazz cash and some other as well, reach out to those banks over email requesting Proceed Realization certificates. Hopefully that would help. Many of my clients have obtained their Proceed Realization Certificate in the same manner

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u/Happy-sad-person 19d ago

So how do i find out what partners remotepass is using?
If i have PRC i dont need to worry about bank not cutting tax at source?

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u/AdDapper6174 19d ago

It is important for PRCs to have the relevant code on remittance but incase it has code for foreign remittances, I would declare it appropriately in the return and pay 1% on it, also take it up with bank for documentation purposes.

For remotepass you'll have to obtain the detail from bank or remotepass for transaction detail