Pakistan Property Taxes Latest News,

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   Pakistan Property Taxes

Sunday, September 18, 2016 06:48 AM 

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M Zahid® replied on Sunday, September 18, 2016 08:36 AM  o - FBR role should be abolished. o - Transactions be recorded on actual value and DC values brought up. o - Taxes to be reduced to keep the balance with increased sale / purchase price. One thing more! Overseas Pakistanis should be given facility of overseas bank account. Transaction from that should be considered legal and a proof of income not required for tax purposes. Fair and transparent transactions are in every ones interest and hope govt will move early before getting the situation bad

Habib replied on Sunday, September 18, 2016 09:49 AM  M Zahid, "Overseas Pakistanis should be given facility of overseas bank account. Transaction from that should be considered legal and a proof of income not required for tax purposes" I opened Both Local and FC Account in Lahore near my house staying abroad, If you are in UAE go to nearest UBL/HBL and Discuss with Manager, they Cheque 50 DHs Fees, in 3 weeks they deliver your Cheque Books, On reaching Lahore you have to activate Cheque Books that is 5 Minute Job open with minimal amount and then you can operate it fully once all things OK

User_G7722® replied on Sunday, September 18, 2016 10:10 AM  @ Mr Zahid: Well said and balanced points. @ Mr Habib: You have mentioned "opening of account" procedure for expats but Q raised by Mr Zahid is there- - - "transactions via this account need legal proof of income or not?" I talked to UBL staff in Doha for this type of account. They said you still need legal certificate and each certificate costs QR-150 (~4300 Rs). This certificate can be taken for each transaction alone or for 1,2,3 years cumulative transactions.

M Zahid® replied on Sunday, September 18, 2016 11:18 AM  Thanks User_G7722, Point well explained. Transaction from OPA(oversea Pakistani Account) to be considered proof of income for tax dealings. There is not such status to encourage OPs to invest back in the homeland.

User_PK9549® replied on Sunday, September 18, 2016 11:26 AM  Changes changes and changes will make the situation more confusing. To put an end to all this confusing situation, all Dar needs to do is reverse all the changes he made in the tax percentages and that theory of fair market value and FBR. Once it's been reversed, all they need to do is to increase the DC value and that is it. Business will be good again and Gov will generate more revenues than before. Win Win for all !

Basharat replied on Sunday, September 18, 2016 04:33 PM  There is Allied Express Account in Allied Bank which is tax free and only way to do credit transactions is through remittance from abroad. Debit transactions you can do like normal account. I was told by bank manager that there is no. tax on debit transactions from this account. So, I opend it and using it. May be other banks have similar accounts. You do not need proof for CBR for source of funds as only way to deposit in it is through foreign remittance.

Arif M® replied on Sunday, September 18, 2016 04:37 PM  Agree with suggestions of AQEEL dedhi. Transactions should be recorded at actual rates. Tax rates/transfer fees should be reduced to 1 or 2%. This way there will be no black money issue. No fear of blackmail from FBR. No confusion of varying federal /DC rates. Since transfer fees will be 1-2% of total amount so buyer/seller will also not have any issue with it.

AHMAD HASSAN® replied on Sunday, September 18, 2016 06:24 PM  I also agreed with Adeel Deedhi, first time someone talk about right solution.

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