Pakistan, June 18 -- The State Bank of Pakistan (SBP) has updated its foreign exchange income reporting format to better serve IT exporters, freelancers, and service providers. These changes apply to the electronic Proceed Realization Certificate (ePRC) and the Statement of PRCs (S-PRCs). The revised formats will become effective from October 1, 2025.

The SBP said the new format addresses long-standing demands from IT professionals and freelancers. Now, income can be reported clearly in both local and foreign currencies. This change aims to simplify tax reporting and reduce confusion, helping professionals avoid paying taxes on unrelated income sources. The SBP has directed banks to update their systems to comply with the new format by t...