PROPERTY NEWS ZAHID BIN SADIQ SAID GOVERNMENT OF PAKISTAN TO GRANT CONCESSIONS TO OVERSEAS PAKISTANIS NON RESIDENT WORKING ABROAD. (PROPOSAL) FOR BETTERMENT FOR THE RESTORATION IN REAL ESTATE BUSINESS
It is very necessary to give special facilities to the overseas Pakistanis like exemption in taxes to motivate them to invest in real estate business as well as other business which will support the national economy and will be helpful to restore the real estate sector.
Those overseas Pakistanis who are employs their and sending their remittance through banking channels (official Channels) at least four times in a year they should be exempted from FBR and all other taxes.
SUGGESTION ARE AS UNDER :-
- All Federal taxes like, Gain Tax and Advance Tax etc (236-C and 236-K) should be exempted and should be changed in section for overseas Pakistanis.
- If those Pakistanis are purchasing property at their own name and their blood relations like, Parents, wife, son and daughter these relatives should also be exempted from advance tax and gain tax and all above said taxes, Moreover provincial taxes, stamp duty, TMA, corporation tax, within the cantonment area TIP tax (Transfer tax of Immovable property) should be exempted.
- Those overseas Pakistani who came back permanently they should also be exempted with all above said taxes regarding Purchasing in property and take steps to give them more facilities and relaxation.
- According to official statistics before 2016 – 2017 year, investment of overseas Pakistanis was more than 7 Billions dollar per year approximately that was the big source to collected foreign exchange. Now this is a crucial time and foreign exchange is need for our country. Government can get it to give the relaxation and faculties in taxes to overseas Pakistanis.