Lahore Real Estate Forum: Property News & Community Talk : ,

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   Farhan_29®

Friday, June 17, 2016 05:20 AM 

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Property Tax Rate

User_12596® replied on Friday, June 17, 2016 05:55 AM  Or wo private compnay kis ki ho ge. Maryam nawaz ki jee han. Patwari patwari patwari

Jameel Mughal® replied on Friday, June 17, 2016 06:11 AM  90% of investors who transfer properties are overseas and non filers, this will have negative impact on real estate, remittances and Govt revenue, Already overseas find time shorter to complete a deal. An additional step in valuation of property will cause a unnecessary step and waste time and money resulting in Difficult investment. In this Country only success in collecting revenue have been Direct Tax, people are equally corrupt as Govt so, Govt can get revenue only by Direct taxation of Petrol and tea or How much CC car, But if If it comes to Valuation and declaration that if you pay more ea yo pay more tax then net result will be fall in revenue. It would have been Better that DC rates should be realistic like 60 to 70% of market value of average plot. As market is dynamic and prices move up and down but DC rate is Blind plus there are both good and prime locations. Case to case evaluation will not do anything good to country or investments.

AHMAD HASSAN® replied on Friday, June 17, 2016 07:04 AM  This is implemented almost in all countries. World Bank was also demanding to implement this policy in Pakistan. Property investment is considered a passive investment. Unfortunately it has no role in economy of a country but cause of inflation. (Apology from all stake holders, although I am also in). And this also unfortunate that only investment in Property suits to overseas Pakistanies. We cannot run any kind of active business from far unless we don't ve reliable person to manage things. GCC countries are also going to tax remitance with monthly limits to control outbound remitance. We have to closely watch impact and invest carefully. Now property buying & selling is not like grocery shopping.

Jameel Mughal® replied on Friday, June 17, 2016 07:14 AM  Ahmad Hassan you are absolutely right, Overseas are left with no option than property in reputed and safe areas, But Pakistan is No exception there are many other countries in world like India, Egypt, Jordon, Lebanon previously syria etc where the only options for overseas is same In 2012 I was astonished to see Property prices @ 10 times in Egypt and Jordon in reputed areas {However now in pak also it gained 3X]. i Think Property will gain and gain and there will be no end to it. Previously people used to invest in NSS but that too is poison for economy as it slows down the economy and increases internal debt.

AhmetKildir® replied on Friday, June 17, 2016 07:22 AM  The most corrupt government we have ever had in history. They know no one trusts them with their money so they find methods to steal off you by direct taxation.

Khurram® replied on Friday, June 17, 2016 08:43 AM  Can't agree more with AhmetKildir

Tax replied on Friday, June 17, 2016 09:45 AM  Legally overseas Pakistani who doesn't have any source of Income in Pakistan is not liable to file tax return. If you not generating any income, you are not liable to file return.(investing in property is not an income) Similarly, any withholding tax/Advance tax deduction on any transaction made by non resident should be refundable. Some one really need to go to higher Courts to get ruling against this corrupt Govt.'s practice.

SIM replied on Friday, June 17, 2016 10:01 AM  They have put overseas Pakistanis in non filer group that includes non tax payers who hide their source of income. While we as non residents should be treated different.

AHMAD HASSAN® replied on Friday, June 17, 2016 10:15 AM  The worst thing is that it will delay transfer process. We always visit home country for limited days. And system in Pakistan will demand bribe to complete evaluation within time and accurate. Even we do don't demand fast or less value.

Ashfaq® replied on Friday, June 17, 2016 02:34 PM  Correct

4Muzzamil® replied on Friday, June 17, 2016 02:37 PM  overseas working pakistanis can get their status changed to filer by submitting income statement (show zero income in pak) and assets statements electronically

Farhan_29® replied on Friday, June 17, 2016 03:15 PM  Dear All Brothers. I was too an overseas pakistani. Now came back to pakistan last year. There is no issue for being a filler for a pakistani citizen. but the benefit of this is that you can get many benefits for many purchases. just do one thing that when ever you are sending money to pakistan send to your own account and not by bringing money in form of cash in hand. go to FBR office. data entry operators can make you filler if you pay him consultancy fee which you also pay to a lawyer. you can fix this amount with him ranging from 5000 to 10000 rs for total. give me all the papers of your bank account and property papers for wealth statement. you will become a filler and you can save withholding tax. thanks

Farhan_29® replied on Friday, June 17, 2016 03:19 PM  Sorry give the consultant all the account statement and property papers so that he can upload on the FBR site.

Ibrahim AM replied on Friday, June 17, 2016 10:30 PM  Being a PMLN critic, I think this is a good policy by them. It will force people to become filers in order to save money at time of sale. I know it is not good for property market but from overall economy perspective it is good move. I just hope that they hire honest evaluation company for this purpose. In case of corruption in these process it will not only hurt govt revenue but common people will also avoid investing in property .. Especially overseas Pakistanis.

Salman.A® replied on Friday, June 17, 2016 10:36 PM  Please do not trust DATA ENTRY operators. HIRE A LAWYER, a TAX CONSULTANT. Lawyer maintains your file for proper records and reply to FBR notices on your behalf even if you are not in Pakistan. These data entry operators will make you Active tax payer but you will be constantly getting notices from FBR and each time you will be paying these data entry operators thousand of rupees for un just notices sent by themselves.

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