DHA Lahore Phase 9 Prism - 1 Kanal Plots for Sale

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DHA Lahore Phase 9 Prism - 1 Kanal Plots for Sale

President Signs Landmark Overseas Pakistani Property Bill 2024 to Protect Diaspora Property Rights

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On October 30, President Asif Ali Zardari signed the Special Court (Overseas Pakistani Property) Bill 2024 into law, a major milestone for the rights of overseas Pakistanis. Alongside this, he also approved the Deposit Protection Corporation Amendment Bill 2024, aimed at safeguarding Pakistani citizens' financial interests, particularly for those living abroad.

Specialized Courts for Overseas Property Disputes

The Special Court (Overseas Pakistani Property) Bill 2024 establishes dedicated courts to resolve property disputes faced by Pakistanis living abroad. The new courts will ensure that cases are settled within 90 days of filing, addressing long-standing delays that have impacted the Pakistani diaspora. Additionally, an online complaint filing system will be introduced, making it easier for overseas Pakistanis to file and track their cases from anywhere in the world.

Senate Support and Importance for the Pakistani Diaspora

Senate members have praised this bill as a landmark for protecting the rights of overseas Pakistanis. Senator Irfan Siddiqui underscored the importance of these legal reforms, highlighting the diaspora’s contributions to Pakistan, particularly through USD 3 billion in monthly remittances. The bill is expected to build stronger ties with overseas Pakistanis by providing them with quicker, more accessible legal recourse for property issues, ultimately strengthening their bond with Pakistan.

This progressive legislation reflects the government’s commitment to addressing the unique needs of Pakistanis abroad, ensuring their investments and assets are safeguarded under an efficient and responsive legal system.

FBR Increases Property Valuation Rates

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FBR Increases Property Valuation Rates

DHA Gujranwala Partners with Zoom Group to Launch New Service Station

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DHA Gujranwala Partners with Zoom Group to Launch New Service Station

Gujranwala: DHA Gujranwala has teamed up with the Zoom Group of Companies to open a cutting-edge service station within the community. This exciting development was announced on the authority’s official Facebook page on October 27.

The service station will be strategically located in Sector A, conveniently near DHA Rachna Villas. DHA promises that this facility will offer residents “more than just fuel,” with a variety of amenities designed to enhance convenience and make every visit rewarding.

In addition to this, DHA Gujranwala recently inaugurated a 132 KV grid station on October 25, which is set to improve power supply stability for the residents. The same day also saw the introduction of solar lights throughout the community, highlighting DHA’s commitment to modern infrastructure and sustainability.

Earlier, on October 11, DHA Gujranwala held a location ballot for residential and commercial plots for 2024, underscoring its ongoing efforts to drive growth and development in the area.

These initiatives demonstrate DHA Gujranwala dedication to enhancing living standards through modern facilities and reliable services.

First Electricity Meter Installed in LDA City Lahore

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First Electricity Meter Installed in LDA City Lahore

Capital Smart City Islamabad Ballot News

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Capital Smart City Islamabad Ballot News

DHA Lahore Phase 9 Prism Q Block New Possession List

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DHA Lahore Phase 9 Prism Q Block New Possession List

FBR to Hike Immovable Property Valuations by 75% This Week

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FBR to Hike Immovable Property Valuations by 75% This Week

Get ready for a significant increase in property valuations! The Federal Board of Revenue (FBR) is set to raise the values of immovable properties by up to 75% of the existing market values, bringing them closer to reality. This change will impact property owners across Pakistan, affecting various aspects like taxes and investment decisions.

Key Points:

• FBR to issue notification regarding revised property valuations on Friday, October 25, 2024.


• The revised values will apply to over 50 cities across Pakistan.


• This increase aims to align property valuations with current market trends.


• The Federal Tax Ombudsman (FTO) had earlier set a deadline of October 11, 2024, for FBR to revise the valuations.


• This is the fifth time FBR has adjusted property valuations since 2018.

Impact on Property Owners:

• Higher property taxes: The increased valuations will lead to higher property taxes for owners.


• Increased capital gains tax: When selling a property, owners will have to pay higher capital gains tax based on the new valuations.


• Impact on investment decisions: Investors may need to reconsider their property investment strategies due to the revised valuations.

Stay Informed:

• Keep an eye out for the official notification from FBR on October 25th.


• Consult with a tax advisor to understand the specific impact of the revised valuations on your property.

Stay updated on further developments related to property valuations in Pakistan.

Ref: https://propakistani.pk/2024/10/23/fbr-set-to-significantly-increase-immovable-property-valuations-this-week/

Tags: Capital Gains Tax, FBR, FBR property valuation hike in Islamabad, FBR property valuation hike in Karachi, FBR property valuation hike in Lahore, FBR property valuation hike in major cities of Pakistan, Federal Board of Revenue, Hike, Immovable Property, Increase, Investment, Market Value, Pakistan, Property Investment Strategies, Property News, Property Owners, Property Valuation, Real Estate, Real Estate Market, Revised Valuations, Tax Rates, Taxes

FBR Drafts Tax Laws to End Concept of Late Filers and Non-Filers

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The Federal Board of Revenue (FBR) has drafted Tax Laws Amendment Ordinance 2024 to abolish the categories of “late-filers” and “non-filers” from the Income Tax Ordinance 2001.

Sources told ProPakistani that the draft bill is under preparation to end both the concepts of non-filers and late-filers. The category of “late-filer”, introduced through the Finance Act 2024, has already been challenged in Lahore High Court. Each taxpayer has to justify his sources of income for carrying out financial transactions like the purchase of properties and vehicles

In this regard, different monetary limits and thresholds would be proposed in the new law for explaining sources of income by every citizen.

Over 9,200 Big Retailers Have So Far Registered With FBR’s Tajir Dost Scheme
Under the proposed law, if a person is a filer and able to justify his sources of income, his family including the wife (non-filer), mother/father (non-filer), son age below 25 years (non-filer) and unmarried/divorced/widow daughter would not be required to file a return for carrying out the financial transaction. In this family tree, the filer has to give sources of income before carrying out the financial transactions of his family.

Sources said that a number of transactions of the general public would be covered under the new law to make things easier for the masses.

The FBR will introduce a mobile app for the general public for declaration of resources which would be acceptable to the tax department. The taxpayer would not be required to go to the concerned Commissioner to take any certificate of exemption, but only fill the “sources” column in the mobile app, sources said.

Under the proposed law, FBR would establish disincentives for non-compliant taxpayers, starting with registration and linking the availability of facilities such as investments and the creation of bank accounts to the filing of tax returns. There will be no monetary transactions, and the source of funds will have to be established through various digital interventions.

SHC Waives FBR’s Affidavit Requirement for Filing September Sales Tax Returns
The FBR will provide information to all banks based on individuals’ declared incomes in tax returns and establish a specific limit; any financing transactions that exceed this threshold will be reported to the FBR. This system is expected to be implemented in coming months.

Ref: https://propakistani.pk/2024/10/21/fbr-drafts-tax-laws-to-end-concept-of-late-filers-and-non-filers/