HELP: Is Ovcz Pakistani Required To Be Filer in Pakistan?

---

Dear Friends
I left Pakistan 10 yrs back. All my service in Pakistan I paid regular income tax from my salary and I have NTN No also.
Now I am in UAE for 10 yrs and not filing my Tax returns. Can anyone help me to understand:

1- Is it must for me to be filer in Pakistan while I am earning in UAE?

2- If must, how to be filer?

3- Once filer, how to show Govt during plot purchase that I am filer and how to claim my benefits as filer?

Thank you all. I'm very upset coz dont know abt it.

Rgrds

Protest

---

If there's anything you can really do to make these thieves revert their decisions, protest. Protest on this forum, on other forums and let your friends, relatives and media know what you really think. I have approached Khaleej Times where I will try to post my views on this day light robbery. I'm willing to give all my Pakistani property to charity but in choron ko mazeed ek rupee nahi doonga. Please scroll over if you disagree.

CGT

---

Salam
Everyone seems to be confused like me , will CGT be on plot price or profit? in stock market cgt is given on profit, can someone please shed light on this matter.
Thanks

DC rates going to be increased too

---

DC rates going to be increased too with this massive capita gains tax

NEUTRAL VIEWS

---

I am reading this forum since yesterday and everyone has something to say. It shows people are panicked and worried about their investment. So am i.

But the way people are trying to deal with this is very immature. Some people are in DENIAL and keep telling themselves that there will be less sellers and more buyers so price can move up. Some people are way too happy with the TAX, not because it will benefit PAKISTAN but their prediction of correction is about to come TRUE, which btw they were telling us for the past one year and rates moved up 100%. Correction based on their views has not come. Correction will be because of unrealistic TAXES on property SALE and PURCHASE. According to them correction will be around 50% ( i do not hold this view ) and price will be more than their first call of correction. ALL in ALL it is just their self satisfaction and they are very open about it on this forum. Almost all of correction lovers are back after a period of few months.

Then there are people who are talking about a common man that he cannot build his house not even 3 marlas etc etc. It looks as if they are dying to give away their properties to the poor man to built their house yet they invest just like any other people and reap benefits.

To provide housing for a poor man is the government JOB and they have taken it further away. It will cost more for the end user to buy a house. As builders will now add CGT, more stamp duty, CVT, WHT as their COST and the COST to buy a house for end user will drastically RISE. On top of that he will again pay CVT STAMP DUTY when the house is transferred in his name.

All around the world properties are out of reach of common people. In first world countries it is out of reach of upper middle class as well. Everyone goes for a mortgage in those countries and over a span of 25 years pay for their house. Not a bad system when housing is out of reach of common people. In Pakistan government can start shariah compliant mortgage or what ever you can call it. This will also help a poor man when he could afford the mortgage and instead of paying for rent all his life he would be saving it in his house or apartment.

Correction even up to extent of 100% will not make it viable for a common man to make a house. it will still cost way more than his earning. ( i am talking about poor man according to this forum )

Trust me common man always finds it difficult to buy a house. Usually after retirement a house is made and their life long dream is fulfilled. You will find example in your surroundings. My grandfather built his house after retirement.

I strongly raise my voice against these unjust TAXES. I want the government to tax me but according to my earning not on the whole lump sum money which i have.

I refuse to let government be partner in my income to the extent of 70%. I am sorry i cannot let government ROB me like this. On 1 Crore sale of plot why should i pay them CGT at face value ? tax me at the difference or income which i generated from sale purchase @ 10% i will be willing to do it. i earn 15 lacs from a plot of 1 crore and give 11.5 lacs to the government ? WHY? i will not let it happen. For this even if i have to hold my property for 5 years i will but will not let government take away my money.

Already government is my partner in my income which i spend everyday to the extent of 25%. If i add on the income tax and property TAX it could move up to 50%. In return i get nothing. I provide for my children's education, medical, security etc etc, which is the governments JOB.

In countries where high taxes are levied you get few things in return. and some how you manage to satisfy yourself against those high taxes. I am unable to satisfy myself against these high taxes in PAKISTAN.

Now i will come to the last point on how to tackle this situation.

At least for me short term investment will be finished unless it is necessary. I will hold my property for longer period of time. As property is not my bread and butter and 70% property which i buy is for long term. Usually up to extent of 3-5 years. for the rest 30% i will be doing nothing until this matter is clear.

I will also take part in raising my voice against these taxes on different forums. Be it legal or protest, i will be part of it.

Right now it a game of wait and see. I cannot offload my holdings as i will be paying same taxes now or after 1 year. so i better stay put and see how things end up and move with the market as market is the best judge of people's sentiment.

NOTE: Stop blaming dealers or black money giants that they hype the market. MARKET is so HUGE that few people cannot hype the market. People who blame others are usually not successful in their lives, they are unable to see their own shortcomings and blame other people for their loss or any negativity in their lives. This is their way for dealing with their own failure.

---

inshallah dha prism rates will definitely fall

Price Evaluation

---

Dear LRE Team,

Please evaluate the current market price of DHA Phase 9 (Prism) plot 257-Q. Thanks,

Ovcz Pakistani is Must To Be Tax Payer?

---

Dear Friends
I left Pakistan 10 yrs back. All my service in Pakistan I paid regular tax from my salary and I have NTN No also.
Now I am in UAE for 10 yrs and not filling my Tax return. Can anyone help me to udnerstand:

1- Is it must for me to be filer in Pakistan while I am earning in UAE?
2- If must, how to be filer?

3- Once filer, how to show Govt during plot purchase that I am filer and claim my benefits as filer?

Thank you all. I'm very upset coz dont know abt it.

Rgrds

DHA Lahore Phase 9 Prism Pre Tax Prices Update June 30th 2016

---

*Prism DHA Lahore Phase 9 Block Wise Most Latest Prices Update June 30th 2016*
(All prices are with 1 installment paid for civil development charges)

*A Block*
1 Kanal 95 to 140 Lacs

*B Block*
1 Kanal 82 to 120 Lacs

*C Block*
1 Kanal 75 to 140 Lacs
10 Marla 65 to 80 Lacs

*D Block*
1 Kanal 75 to 145 Lacs

*E Block*
1 Kanal 70 to 125 Lacs

*F Block*
1 Kanal 85 to 135 Lacs
10 Marla 65 to 80 Lacs

*G Block*
1 Kanal 85 to 125 Lacs

*H Block*
1 Kanal 75 to 120 Lacs

*J Block*
10 Marla 55 to 70 Lacs
5 Marla 32 to 45 Lacs

*K Block*
1 Kanal 75 to 110 Lacs
10 Marla 52 to 65 Lacs
5 Marla 32 to 45 Lacs

*L Block*
1 Kanal 75 to 120 Lacs
10 Marla 50 to 65 Lacs
5 Marla 30 to 35 Lacs

*M Block*
1 Kanal 80 to 115 Lacs

*N Block*
1 Kanal 65 to 120 Lacs

*P Block*
1 Kanal 75 to 145 Lacs

*Q Block*
1 Kanal 75 to 145 Lacs

*R Block*
1 Kanal 78 to 100 Lacs
10 Marla 52 to 75 Lacs
5 Marla 32 to 48 Lacs


DHA phase 9 Commercial Prices Update*

*Prism Civic Zone 1*
8 Marla : 700 to 900 Lacs
4 Marla : 375 to 450 Lacs

*Civic Zone 2*
8 Marla : 625-700 Lacs
4 Marla : 350-450 Lacs

*Civic Zone 3*
8 Marla : 550-675 Lacs
4 Marla : 250 to 350 Lacs


*Oval Complex*
Inner loop 4 Marla : Lacs
Outer loop 4 Marla : 375-425 Lacs


Choudry Mujahid Yasin (CMY)
Lahore Real Estate
+ WhatsApp preferred ( Available for you 18 hours a day on free services WhatsApp LINE SOMA in addition to SMS and call on regular cell service )

Very interesting article Perils of easy money

---

Do yourselves a favor of reading this article it might help.


http://dailytimes.com.pk/opinion/20-Mar-16/perils-of-easy-money

---

New tax regime may have following implications.
Reduction in foreign remittances.
Reduced economic activities.
More unemployment consequently more lawlessness and crimes.
Flight of capital from the country.
Investors will shy away.
Less revenue collection.
More misuse of public money.
Another door to corruption.
Could have been done in pragmatic way for the benefit of the Country and masses

Tax

---

Ppl specially who are expats will not sell their plots before 5 years to avoid tax.. so many ppl who were thinking of switching investments will also stop... So there will be less sellers in the market at the same time.......
Those who want to sell before 5 years in near future may increase the demand to cater tax issue....So property prices may not necessarily fall as much...

inactive file to active filer

---

Hello everyone,
i am overseas resident and inactive filer.
how can i move to active filer status online.
Thanks

---

IMPORTANT (Please read and spread)

   The current increase in multiple taxes on real estate can have serious impact on all DHAs. These DHAs are primarily meant to provide some relief to retiring Military officers, who generally run from paycheck to paycheck throughout their service. One or two plots allotted in DHAs are the only assets mostly have for funding our post retirement expenses.

       As per Law DHAs are supposed to be similar to Federal or Provincial authorities like CDA or LDA. However there is one discrimination faced by DHAs. Govt agencies like LDA CDA etc get Federal government and Provincial government grants in their budget to finance the infrastructure development. In addition large projects like hospitals, universities and  Metros etc are funded by Federal or Provincial PSDP. On the other hand DHAs do not have this facility. They are funding their own infrastructure development, and for routine civic services residents pay fixed fees.

        With newly levied taxes on Property DHAs will be collecting huge taxes for Govt and in return will not get anything. We need to propagate to concerned authorities to take the case with Govt for eradicating this discrepancy. Either Govt should fund the large infrastructure projects in DHAs also as its done for LDA CDA etc, Or the Taxes collected by DHAs be kept with DHAs for this purpose.

       Please don’t mind I really feel robbed by the Govt and intend Posting this info multiple times for max circulation.

Impact of Taxes

---

Although more details have still to unfold but New taxes will have following direct impact.

Real estate sector will slow down.
Investors will be discouraged as most of money they have is Black, Although people who transfer the property are overseas and have no issues. But most of people who give hype to market are investor.
It is easiest business to buy affidavit file for local investors and foreign investor like me never indulge in affidavit files as they cant be transferred readily. Now Local investors ill have to shown white money to buy such files which they normally don't have. If demand and price of affidavit file will decrease it will also show the effect on Allocation File, as both are linked.

All files and in pipeline properties will be hit hard houses and mature properties which are used by end users will go down.

But eventually property will slowly grow in course of months and years as previously happened not like in days and weeks and most of owners will be overseas.
This white money issue is very touchy and my be revered in Coming days.
DHA and army may react to it as well, for solder and army officer it is big attraction to get a plot at low rates near end of service, All the life they remain hand to mouth. Slowing of real estate will be a big impact on their benefits

---

A filer means one who has filed a legitimate Income Tax return for the last completed tax year and have proof of its filing, non other person is treated as filer in the eyes of law.

---

If a person has tax number but inactive for the last 6 years as he is not in Pakistan, will he be a old filer if make it active or will be new filer

---

Retards supporting new tax from Noora League, formula is simple. TAX do or Tax lo. If they pay only 5,000 tax on their billions and evade tax using off-shore companies,, why the hell shall we pay taxes?

---

If some one have plot in DHA 7-8 and they hold it more than 6 year. How the new Tax system will effect it. Thanks

Tax from tomorrow onwards

---

CGT is the tax that will topple the market. Not the Advance tax for increased DC rate nor the increase in registry etc. There are two opinions about this tax:

1. Govt has announced that it will be 10% of market value of property
2. Principally and logically it should be applicable to the profit proceeds on sale of property (cost of buying - sale price = profit)

However either ways, its a complete disaster.

For sale of a Kanal plot in DHA from Phase 1 to 8 which was bought and registered in last 5 years, with a current average market value of 2 Crore Rs, seller will be paying Capital Gain tax as below:

1. If 10% of market value then CGT levied alone on this plot is 20 lac Rs !!! So sell the plot of worth 2 crore and pay 20 lac as Capital Gain Tax !!!

2. A slightly lesser but equally devastating option would be to compute CGT on the actual gain (cost - profit basis) by below formula:

CGT = 10% of (MVP (Market Value of Plot) - DVP (Declared Value of plot at the time of purchase))

DVP (Declared Value of Plot declared at the time of property purchase in last 5 years) = DC Rate Value at the time of purchase = approx 70 Lac/Kanal (Average DC Rate for DHA Phase 1-5 for last 5 years)

So CGT would become = 10% of (MVP (2 Crore) - DVP (70 Lac))

= 13 lac Rs

Also remember that 1% advance tax will be added on top which will be 2 lac in this example. So total tax paid (including registry/transfer and stamp duty)= minimum 20 lac to 30 lac on a sale of every 1 kanal plot in DHA Phase 1-8 from tomorrow onwards


God help us all !!!!
:o