Purchase Property in Pakistan allowed for Overseas Pakistani Non-Filers
A decision of Purchase Property in Pakistan, FBR (Federal Board of Revenue) publishes a circular in which they clearly permitted the overseas property purchasers to buy a property valued over 5 million, announced in news channels. The requirement to be a filer of income tax returns for inheriting property above the declared price restraint has also been abolished.
The main concern of Lifting the ban is meant to facilitate the investment conditions of the property market seeks attention for the overseas Pakistanis. This ban was established by the previous government in an attempt to expand the number of tax filers.
The detailed information regarding allowing overseas non-filers purchase property in Pakistan was shared via circular published on October 24, 2018, states that the restriction on non-filer for buying property having value more than 5 million have been lifted for legal obtaining property and non-resident Pakistanis.
This constrains will not apply to overseas Pakistanis who will create a certificate from a bank as evidence of foreign exchange remitted from other countries through common banking mediums. The certificate has been shared in 60 days the date of filing or submitting fixed property valued at more than PKR 50 million.
The banks have also been instructed provide a list containing particulars of deposits collecting Rs10m or more made during the calendar month and a list of payment made by any person against credit card bills collecting Rs200,000 or more during the preceding calendar month. They will also provide a list of persons receiving a profit on debt overshooting Rs1m for filers and Rs500, 000 for non-filers along with information regarding tax subtractions during the preceding financial year. The information will be given on monthly basis.
Through betterment, the government has allowed taxpayers to reconsider tax return voluntarily by December 31, 2018, along with the payment of higher tax which is 25pc larger than the tax paid with return on the basis of income. In case no tax is payable, the taxpayer will have to pay 2pc of the turnover.
Source: Dawn News