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Geo News TV report on Property Tax,

(103626)
   Arif M®
Wednesday, June 29, 2016 03:37 PM 
Reply: >
Geo TV presented more than 15 minutes report specially on this topic.

Key points were...

DC values will be no more used

SBP and FBR referenced bodies will evaluate the value of property at time of sale purchase.

If the person shows wrong value, then he will have to give additional 100 percent penalty on top of tax. Moreover 2 year jail term can also be given for this violation according to new law.

If there is deal going on worth 10 million then it will go in Govt documents as 10 million. So buyer will also have to show that 10 million white money. If he fails to do so this could also mean trouble. Similarly it will also be added to FBR record that seller has earned 10 million. FBR can also use all this record for future taxation purpose of buyer and seller.
User_12596® replied on Wednesday, June 29, 2016 03:43 PM 

Sher aya sher aya. Patwari minid zinda bad. Ishaq dar zinda bad.
AHMAD HASSAN® replied on Wednesday, June 29, 2016 03:47 PM 

In my opinion, this is an excellent policy. This will help to stop unnecessary appriciation of property as well as stop black money makers to jump for short time & increase rates only. One more benefit I see that this will give fair chance all to make assets for their families. But actual problem of Pakistan is implementation of policies. We ve to wait.
Please Register replied on Wednesday, June 29, 2016 03:57 PM 

So it means new buyers will only be overseas since most Pakistanis living and doing business in Pakistani never shows their source of income and pay income taxes.
Seems like it's prexit after brexit.

Let's see what happens in coming weeks.Property_source
Habib replied on Wednesday, June 29, 2016 04:15 PM 

This will rather decrease revenue and poison Property business and all other business connected to it.
Password Not Properly Entered replied on Wednesday, June 29, 2016 04:35 PM 

Good news for the county finally loopholes are being closed but property bubble may take a hit. Complete money trail is being created. I was recently in Pakistan and was not able to open bank account cz my finger prints where not matching to nadra system connected to bank. Just imagine full cycle is connected to NIC and finger prints so no get away atleast in cities.
Real Estate is best replied on Wednesday, June 29, 2016 04:36 PM 

still buyer seller covertly deal in cash. FBR cannot force seller to sell a plot in 10 million. seller can say that i will sell for 60 lac rest 4 million he can take in cash. what will fbr do then? this policy is going to adversly effect govt. revenue which they collect through cvt stamp duty etc
policy maker tey LAKH DI LANNNT
Kureshi® replied on Wednesday, June 29, 2016 04:36 PM 

Dear Ahmad , no offense but I would like to see your comments after 1 sale and purchase event after this policy in Pakistan.

I think this policy is too harsh and will never be implemented in true spirit and will result in destroying the property and associated industry.
Arif M® replied on Wednesday, June 29, 2016 04:43 PM 

Real Estate is best, Do you really think that common people will feel comfortable dealing in cash? 4 million cash? yahan koi kisi pa 1000 ka bharosa nahi krta aur ap 4 million ki bat kr rahay hein.

That apart, FBR will charge tax on market value (as per their evaluation) regardless of what buyer and seller say. They are Govt. authority and common person will have to pay tax as per their evaluation. That is the law and they can enforce it.
Real Estate is best replied on Wednesday, June 29, 2016 04:52 PM 

well You and I both are here(bashart e zandgi) we shall see...
Hawk Eye replied on Wednesday, June 29, 2016 05:03 PM 

It will seriously hit the property market.In coming few days property value will see little bit down.fall or I can say less sale and purchase.
Rana_Australia® replied on Wednesday, June 29, 2016 05:04 PM 

Kuch bhi nahi hoga ..Kabhi kuch hooa hai ??????? Aik stay order in High Court and all tax dance ceases .......Note today's date and six months down the line ''NOTHING WILL HAPPEN ''
MIT® replied on Wednesday, June 29, 2016 05:39 PM 

This is another window of 'corruption' to make real estate trading more difficult. People want to pay taxes but on 'reasonable rates' for the function of State. When the rulers/lawmakers themselves are avoiding taxes by taking money out of country how a common citizen will do what they don't want to do?.....Leaders are copied by masses. This 'act' reminds me of the stupid action this Party took in past by freezing the Foreign Bank Accounts of its citizens. They lack both vision or skill to manage the economy. They should have come up with some better viable solution, at least by enhancing the DC values or certain slabs instead.
AHMAD HASSAN® replied on Wednesday, June 29, 2016 05:47 PM 

@ Kureshi, I am 100% agreed with that this won't be implemented in true manners. Before GOVT was getting something in terms of fixed value. Now GOVT will not get even this.
Kureshi® replied on Wednesday, June 29, 2016 06:15 PM 

Ahmad sb, thank you for your positive response. I too agree with the spirit of your comments. Let's hope this gets settled or many innocent will loose their hard earned money and real corrupts will get away with a big greedy smile.
Jameel Mughal® replied on Wednesday, June 29, 2016 06:28 PM 

This strategy in Musharraf Time in 1999 Failed badly and resulted in worst slump in market, At that time he tried to recover money from the big fishes, Forgetting that money have no boundaries and and rich people are smartest that is why they are rich.
Bleeding the people who investors and revolve the circle of economy will never work. At the end poor will be suffer.
FAA.awan replied on Wednesday, June 29, 2016 07:29 PM 

Ishaq Dollar is the worst monster of pakistan history,Nawaza league govt is against property business,therefore they are creating hurdles on the way.En sab leagui lanatio ny tax ko khna hai FBR ko Nawaz shriaf gang nazar nahi atta.I think awaam kud koi rasta nakal lye gay.
Kureshi® replied on Wednesday, June 29, 2016 09:40 PM 

Right said Awan sb and Jameel sb. Let's hope Rana sb ki baat such sabit ho.
User_6006® replied on Thursday, June 30, 2016 05:12 AM 

Mjy to smjh nahe aa rahe jang newspaper mein likha hai is se log property se paisa nkal kr industry pe lgain ge or gdp increase ho ga , energy crises khtm yeh govt nahe kr ski , battein check kro .IMF krwa rha hai or 20 sal tk next jan nahe chory ga pakistan ki or hardworking people ko he apni aesi taesi pher kr qarz utarna pry ga lgta . We demand if they want to implement these taxes bring nawaz sharif to court , bring zardari to court get their corrupted money back ,no more loans from imf cut off army budget 40% then we will pay .yes more corrupted way now will introduced too
User_19581® replied on Thursday, June 30, 2016 06:19 AM 

Jo b FBR wala evaluation k liye aaega, uska monh bharna parega aap dekhna yeh rishwat ka bazar garam hone ja raha. Govt officials r greedy dogs i m experiencing now a days how they make a way to eat HARAM.
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