PROPERTY EVALUATION,

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Once again we are back to square one regarding property valuation by a private firm for NON-FILERS.

I was reading comments from overseas regarding being non-filers thus have to pay 0.6% WHT on bank transaction and extra CVT STAMP DUTY for non-filers and overseas will stop sending remittances, it will be very negative for property etc etc.

It looked from the comments as if property is going to be doomed if it is implemented.

Well i have NEWS for you!

KUCH BHI NAHI HONA

Property will be same as it was before. In a long RUN property have always given profits or it is considered safe specially in PAKISTAN.

Secondly, government wants everyone to be FILER even if they are not generating income. Government wants to know what exactly you are doing and how you are making money and purchasing properties, cars, travelling for vacations etc etc.

This system was implemented in TURKEY ( differentiation between filer and non filer ) and our government is following their policy. Which is not a bad one. We should be able to justify our income and expenditure.

All of us lash out at the government about taking loans and not doing enough to get more people into TAX BASE. On the other hand we blast the government if they try to bring more and more people into tax net. This is what i call double standards. We don't want to do our part but we want everyone else to be HAJI NAMAZI.

How is it possible if i have properties worth billions of RS and i am unable to tell the government how i got the money. All the government wants us to justify the purchases. It could be inheritance, remittance, income by business or could be anything. It is self declaration, whatever you tell the government , they will believe you. And randomly they can select your name in the audit list. Once the audit opens you have to provide documents about your declaration. ( If you show only remittances as your source of income , it is AUDIT FREE , means you will not be selected for the audit, but they can ask you for PRC as proof of remittances )

For overseas Pakistanis i explained in details about the procedure of remitting money into Pakistan and getting PRC or encashment certificate which could be used in your yearly income tax returns. Please look into POST # 83010 and i have answered questions in POST # 83048

Overseas Pakistanis should file their yearly returns to get maximum benefit out of their investments. And Please be very clear about one thing, the income you generate outside Pakistan is not taxable but income which you generate within Pakistan is subject to TAX. Overseas buy property in Pakistan as it is very very lucrative opportunity for them to make money. In PAST 15 years money spend on property have given returns of 2000% and some even more if you are smart and aggressive investor ( And listen to CMY for his recommendation :) Overseas don't buy property in Pakistan to HELP Pakistan, they do it for themselves. No one would invest in Pakistan property if it doesn't give good capital gains. This applies to me as well.

When we earn 100% on property in capital gains we should not be cowards by not paying our taxes.

Instead of complaining, you should be getting information about TAX returns, Hire a good consultant who will file the return on your behalf and will handle everything from tax notices to timely filing of your returns. Once you File your returns your name will automatically be updated in FBR Active Tax Payer List (ATL) which in turn will automatically be updated in all of your bank accounts and your online data in Pakistan.

Once in ATL list, you will not have to pay 0.6% WHT, your stamp duty will be half of what you pay now and property will be evaluated on DC rates which in turn will make for less payment of taxes. And any WHT on your property transaction is fully adjustable in your yearly tax returns.

Every where in the world you have to pay taxes and there are huge TAXES in US, UK, AUSTRALIA, or any where in the world, except GULF countries.

Pakistan is our HOME country and we all need to contribute. If you think NS government is corrupt please vote against him and vote for the one you think is better for Pakistan.

I hope i have made my POINT clear.