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Purchase Property in Pakistan allowed for Overseas Pakistani Non-Filers

The Purchase Property decision in Pakistan, the FBR (Federal Board of Revenue) is announcing a rally in which they explicitly allowed foreign buyers to buy more than $ 5 million worth of assets, announced on news channels. The requirement to be a tax return for the above-mentioned property tax return has been eliminated.

The major concern of reducing the ban means easing investment conditions in the real estate market demanding the attention of overseas Pakistanis. This ban was introduced by the previous government in an effort to increase the number of taxpayers.

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Read: Investing in Real Estate: 9 Easy Tips [Guide]

Detailed information on allowing overseas non-file purchases in Pakistan was shared in a cycle published on October 24, 2018, saying that restrictions on not using a $ 5 million worth of real estate file have been increased in order to obtain legitimate and non-resident Pakistanis assets.

These issues will not apply to overseas Pakistanis who will create a bank-issued certification as evidence of foreign currency exchange through conventional banking methods. The certificate is allocated within 60 days of the date of completing or moving the inventory valued at more than PKR 50 million.

Banks are also instructed to provide a list containing details of deposits collecting Rs10m or more in a calendar month and a list of payments made by any person against credit card debt collecting Rs200,000 or more last month. They will also provide a list of beneficiaries in the overdraft savings of Rs1m for filers and Rs500, 000 for non-files and details regarding tax deductions in the last financial year. Details will be given on a monthly basis.

Ideally, the government has allowed taxpayers to consider voluntary tax returns on December 31, 2018, as well as a 25pc higher tax deduction than the tax deduction. In the event of no tax, the taxpayer will have to pay 2pc of income.

Source: Dawn News

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