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Real Estate market insists on tax levy at provincial rates

LAHORE: The realty sector of Punjab has asked Federal Finance Minister Ishaq Dar to levy taxes on property rates set by the province instead of evaluations made by the Federal Board of Revenue (FBR) as new assessments have increased the cost of property transactions by up to 400%.

“The realty sector is in chaos since the announcement of new taxes and revised property valuations,” said Mian Talat, former president of the Defence Housing Authority Estate Agents Association, Lahore.

The new taxes imposed by the federal government to boost its revenue stream had proved counter-productive for the national exchequer as fewer transactions in the current fiscal year led to a fall in the federal and provincial tax collections, he added.Read More »Real Estate market insists on tax levy at provincial rates

Google’s DUO app for video calling

AP

SAN FRANCISCO: Knock, knock, Google’s video chatting app has arrived.

The app, dubbed Duo, represents Google’s response to other popular video calling options, including Apple’s FaceTime, Microsoft’s Skype and Facebook’s Messenger app.

Duo isn’t much different from the other video chatting services, except that it gives a glimpse at who is making the call, helping the recipient decide whether to answer. Google calls this feature, “Knock, knock.“

The new app, announced in May, is being released Tuesday as a free service for phones running on Google’s Android operating system as well as Apple’s iPhones.Read More »Google’s DUO app for video calling

Property transfer cost in Pakistan increases up to 200pc

The new property evaluation method based on actual market rate will increase the cost of properties transfer by at least 100 to 200 percent.

The property dealers said the business of property sale and purchase has nosedived since the announcement of this new system and imposition of fresh taxes on real estate sector as there is more than 80 to 200 percent difference between the actual property rates and DC rates.

“Now the buyer has to pay almost Rs300,000 for registration of a plot of five marla in a lower middle class locality in Lahore suburbs against earlier rates of Rs150,000 under DC rates,” Nasir, a property agent, said.Read More »Property transfer cost in Pakistan increases up to 200pc

FBR empowered to carry out property price evaluation

Pakistan government on Monday implemented new rates of taxes, through a presidential ordinance with immediate effect, which will apply to new valuation tables for the purpose of taxation of property in major cities.

The ordinance empowers the Fed­eral Board of Revenue (FBR) to determine the fair market value of properties of areas across the country. Ear­lier, this was a job for State Bank of Pakistan.

Similarly, it was also clarified that for areas where no valuation tables have yet been notified, the district officer revenue or provincial or any other authority authorized in this behalf for the purpose of stamp duty will apply for the collection of taxes.

The new valuation tables will only be used for the purpose of calculating Capital Gains Tax (CGT), withholding taxes and for the purposes of Section 111 of the Income Tax Ordinance 2001.Read More »FBR empowered to carry out property price evaluation

PAKISTANI PRISONERS PARDONED – WHICH NEWS VERSION TO BE BELIEVED?

By Muhammad Javed

PAKISTANI NEWS OR BAHRAINI NEWS VERSION?

  1. I am a senior citizen in the stage called the “bonus life”.  My father 96, died four years ago. Till his death he sighed about the “Gora Raj” when life of a commoner was really easy, cheap and safe. Government statements were blindly trusted and taken as guaranteed word.  My Grands always wished “Gora Raj” to come back.  In my old age, I freshly remember how easy and safe life I enjoyed till the end of Ayub Khan’s era.  I saw the deliberately created start of indiscipline in every field both individually and collectively making it a national habit from day one, Zulfiqar Bhutto, the world’s first civilian martial law administrator took the rule.  Progress to this indiscipline, chaos, national turmoil, cheating with masses, with each passing time marched past fast.  Came Nawaz Sharif the first time, twisted-facts, lies, daylight white lies, false achievements/claims, both from the elite and the functionaries became the coin of the time.

Read More »PAKISTANI PRISONERS PARDONED – WHICH NEWS VERSION TO BE BELIEVED?

New rules spark slump in Pakistan real estate market

KARACHI: The federal budget 2016-17 and an amendment to the Income Tax Ordinance 2001 have begun to impact the real estate sector.

Pakistan’s real estate market has witnessed bullish trend for last four years and a drastic price hike in the last one year. Estate agents believe that after the budget announcement 2016-17 and the amendment, the scenario has changed and the market is cooling down.Read More »New rules spark slump in Pakistan real estate market

Pakistani car sales rise to 167,507 units

KARACHI: Sales of locally produced cars swelled to 167,507 units in July-May 2015-2016 as compared to 136,723 units in the same period of last fiscal year.

Low interest rate, improving law and order situation and overall improvement in country’s economic situation can be attributed to rising sales of cars, said Mohammad Tahir Saeed at Top Line Securities.

Toyota Corolla, with longest delivery time, continued to be the highest selling car with the sale of 53,410 units as compared to 46,680 units last year.

Combined sale of Honda Civic and City remained weak, far lower than Corolla, and stood at 23,800 as compared to 21,134 units, revealed figures released by Pakistan Automotive Manufacturers Association (Pama).Read More »Pakistani car sales rise to 167,507 units

Remittances growth slows to 5.6pc

Overseas Pakistanis sent home remittances worth $17.841 billion during July-May 2015-16, reflecting a year-on-year growth of 5.6 per cent, the State Bank of Pakistan (SBP) said on Friday.

Remittances stood at $16.898bn during the same period of the preceding fiscal year.

However, this year’s growth rate was much lower than the 17.9pc recorded in the 11-month period of 2014-15.

Remittances are expected to touch $19bn during the outgoing fiscal year, with the addition of another $1bn this month.

The country’s dependence on Arab countries for remittances has further increased this year. Of the total, about $11.505bn (64.5pc) was remitted from the region.

The region is the biggest importer of manpower from Pakistan but the trade with the region is highly imbalanced and is vastly in favour of Arab countries.

The 11-month remittances were higher than the foreign exchange reserves held by the SBP built on borrowing from international financial institution (IFIs) and raising dollars through selling of bonds in the international market.Read More »Remittances growth slows to 5.6pc