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MY understanding So far,

(104420)
Saturday, July 30, 2016 06:14 AM 

There is Sum up of so Far developments in Tax Issue, Correct me if some thing wrong
Stamp and CVT is will be based on DC rate 3% Stamp and 2% CVT
There will be another Fair market rate or "Federal rate" withholding tax and Advanced income tax will be based on that for buyer 0.6 and 4% For Non Filer and 0.3 and 2% on Filer.
Seller will pay the 0.3 and 2% of Fair market Price withholding and advanced Income tax.
Gain Tax still no agreement as previous transactions sale deeds cant be retrieved in each and every area., Understanding is there are two Possibilities
[Current fedral rate - Previous DC Rate] X 10% [Unfair as it will be more than 10% of Actual gain]

Current federal Rate X 4% More likely to be Implemented

FBR tacking of White Money source is different issue, Possibly in each new deal source of White money as per "Federal Rate" will be Asked

FBR will Audit Last 5 years [not 10 years] Transection and will ask for White money source as per ? Old DC rate

Hopes
Hopefully all transactions in past will be considered white if declared [Still a speculation]

Caution
if Some Amnesty announced and people Fail to declare property and later FBR Audits and you are unable to Prove white money Source then Maximum Penalty can be 35% Fine of fair market Value at that time

Conclusion
Only Success so far is
No case to case evaluation of Property by State bank before each Purchase which was Not Practical anyway.
Reduction of FBR Audit from 10 years to 5 years

4MuzzamilŽ replied on Saturday, July 30, 2016 06:26 AM 

eventual result is that overall tax will be more than doubled along with CGT
source of money for all future transactions will have be told.

Jehanzeb Ahmad replied on Saturday, July 30, 2016 06:41 AM 

In the market, perception plays a very important role in determining prices. If nothing changes fundamentally but most people think that market will go down, it will go down. Same for rising prices. Realistically if plots went up by 100% in the last two years, then they are bound to go down or stay stagnant for some years. If you just extrapolate previous trends, then a plot which went up 100% in one year should go another 100% the next year and so on. This does not happen. Property market was bound for a correction, and it could have been any reason, but now there is a very valid reason. In an economy with a growth rate of 3-4%, nothing can grow at 50% per year in the long run.

FRH replied on Saturday, July 30, 2016 08:15 AM 

During the last five years, I have bought and sold few plots but on sale deed, it was opened i.e. left it blanked. Will it be helpful in future?

KureshiŽ replied on Saturday, July 30, 2016 08:20 AM 

It's a total confusion and inconvenience feel many people lime me have become victims of overthinking and stressed. If you see blogs and news papers sometime you feel that you were not indulged in some sort of crime instead of business. very sad to see role of few news channels and so called financial experts.

Let's wait till decision come by 31st July and then take positions. Till then, try catch ing some Pokemon with your kids, like CMY suggested some days ago :)

AHMAD HASSANŽ replied on Saturday, July 30, 2016 08:23 AM 

None so blind as those that will not see. Indian subcontinent was ruled by an East Indian Company for 250 years. Unfortunately we are still being ruled by such corporates. GOVT canot launch any policy uless or untill it is not in benefits of corporates or advised by powerfull groups. And if GOVT officials failed to do so these corporates have authority to sack GOVT or even led countries to war. One of recent example is Cochabamba Water War 1999 when a company take over 50% water supply of a Country. I canot belive that impact of new taxes wasn't calculated by GOVT. They are very smart & experienced group of companies. Now please link all happenings in Pakistan with CPEC. Due to limitations I don't want to mention names or write something directly but just want to say that an international plan has been launched to spoil this project. Property taxes are part of this game too. Not all Pakistanis are being effected as hunger find no fault with cook. Only limited honest with Pakistan investors, overseas Pakistanies and real estate business owners and employees are being targetted and discouraged to bring or keep money in Pakistan. We all are in same boat, hence little boats must keep the shore, larger ships may venture more. Means this fight is between real and major stakeholders of real market, they will bring GOVT on knees and will tell GOVT they are also in business.

mdb replied on Saturday, July 30, 2016 01:38 PM 

Everybody knows that all government policies are against pakistan ND Pakistanis bht experienced team hai jisay ishaaq daar expert lead kr rahay hain.pmln ki government k aanay say pehli is ki paishghoi kr di ghai thi.it's a system of corruption no one can touch it. ALLAH he madad kray AMEEN.
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