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Wealth Tax in Pakistan,

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   Habib (Plz Register)
Friday, July 1, 2016 11:53 AM 
Reply: >
Request for the Forum Members who are more in taxation, Is Wealth Tax in place in Pakistan? It was there in 1990s and then was abolished,
Is it in Place now if So at what rate and what Brackets.

I am an overseas Pakistani, Have No problem in proving all my money white. There is No Income Tax Payable. I guess in Budget Govt made it mandatory for Filers to disclose the assets but up to my understanding there was no wealth tax. Is Filing need to be done even if there is no Tax payable?

For The people who don't know basics Overseas are exempted from Income Tax, but they have to show source like salary statement etc,


Over seas are NOT EXEMPTED from
Property Tax
Income from Business in Pakistani
Withholding Tax on Profit or savings in Pakistan
Gain Tax
CVT
With holding Tax on transections
Wealth tax
User_528® replied on Friday, July 1, 2016 12:52 PM 

Habib for your question around "s Filing need to be done even if there is no Tax payable?". Yes filing needs to be done. you will just declare you received overseas income of say 50lacs and than indicate tax exempt income also as 50lacs.

i did it few months ago for last year and no issues in audit and it went fine.
User_6006® replied on Friday, July 1, 2016 01:03 PM 

i want to ask a simple Q , i studied in private school,college,univ, i went to private hospital for medical treatment , i never get a penny from govt , i gave tax from toothpaste to gold leaf ,

govt not able to give me security or job , i am jobless , my father was in pvt bank though it was once govt but pmln sold it , my father gave me bit of money which i am using to live and now was thinking to invest this money in property and this tax issue arrived , i am non filer , i have no job , how i can become filer by selling my kidney ?? please advice me as non filer taxes are too much high . please tell in easy to understand way :)
Habib (Plz Register) replied on Friday, July 1, 2016 01:42 PM 

Dear User, I don't know which world you are living one of my friend who is living and working in UAE for 10 years is paying about 30 Lac Tax/ Year to US Govt.
Interestingly his due will be even more but other than his Job he opened a Fake Laundry in UAE, showed his wife as Manager and some fake workers though he has to pay rent and License fees, He is Showing Loss in Laundry for last 6 years and showing lesser Taxable income to fall in Lower Bracket.
Another Friend when was Living in UK as Doctor was earning Lot of money in Locum working very hard 7 days a week, he had opened a Company in Home showing wife as secretary and son as Driver Car on Lease and he was changing rent in his own home, he was also showing loss to Company to decrease net income.
UK Citizens have not to file Tax out of Country but US Citizens have to
Szaidi® replied on Saturday, July 2, 2016 04:40 AM 

There is no wealth tax at the moment but you have to sumbit wealth statement every year together with income statement. And the wealth showed in wealth statement shall match with your income statement. That is called white money transaction in pakistan.Tax is implied on income statement but overseas pakistani have exemptiin if they bring money via banking channel for which they would gave proof from bank to show that money came from outside pakistan.
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