In a recent announcement on his social media platform, Umar Saif, the outgoing caretaker Minister of IT & Telecom and Science & Technology, revealed a groundbreaking development for online freelancers. Starting this month, freelancers in Pakistan will have the opportunity to receive PayPal remittances through a tri-party arrangement, eliminating the need for a PayPal wallet.
Under this new system, freelancers will be able to accept PayPal payments from their international clients via a third-party digital wallet. This digital wallet will utilize an international remittance mechanism to transfer the dollars to Pakistan and promptly credit the freelancer’s bank account.
READ MORE: Lahore to Welcome $70 Million Skyscraper to Its Skyline
Minister Saif elaborated that the State Bank’s latest regulations will enable freelancers to open bank accounts associated with this digital wallet. They can also acquire debit cards and establish dollar accounts, granting them greater flexibility in utilizing their earnings.
The registration process for freelancers will be managed by the Pakistan Software Export Board (PSEB), with a minimal tax rate of 0.25% applicable on transactions.
“This initiative, alongside our endeavor to establish 10,000 e-rozgaar centers, will empower Pakistan to fully harness the earning potential of our online freelancers,” expressed Umar Saif, highlighting the nation’s commitment to fostering its digital workforce.
