{"id":424,"date":"2024-12-05T09:12:50","date_gmt":"2024-12-05T09:12:50","guid":{"rendered":"https:\/\/zumconsultancy.com\/?page_id=424"},"modified":"2024-12-05T09:13:15","modified_gmt":"2024-12-05T09:13:15","slug":"big-relief-to-overseas-pakistani-in-purchase-sale-tax-or-a-slap-by-fbr","status":"publish","type":"page","link":"https:\/\/zumconsultancy.com\/?page_id=424","title":{"rendered":"Big Relief To Overseas Pakistani in Purchase & Sale Tax – Or A Slap by FBR?"},"content":{"rendered":"\n

The Federal Board of Revenue (FBR) has recently issued a circular for Overseas Pakistani to obtain the approval from Concerned Commissioner of Inland Revenue to get non filer or late filer tax exemption and get the filer status even without filling the income tax.<\/p>\n\n\n\n

As stated above, the FBR on 25th day of November 2024 issued a circular stating Creation of Withholding Taxes under section 236C & 236K of Income Tax Ordinance for Overseas Pakistani. It means that the Overseas Pakistani will again, as before June 30, 2024, be treated as “filer” to make transactions for immovable property if they go through the procedure as mentioned in the circular to avoid higher taxes being imposed on late filers & non filers.<\/p>\n\n\n\n

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Published on 25 Nov,2024<\/em> <\/p>\n\n\n\n

It is surprisingly true that this condition is not new; rather it was already available till June 30, 2024 in FBR laws that the Overseas Pakistani shall be treated as Filer as he\/she doesn’t get any benefit to file the income tax by virtue of the Ordinance.<\/p>\n\n\n\n

Now FBR has slapped a new condition for Overseas Pakistani to obtain the approval from Concerned Commissioner of Inland Revenue which is a lengthy process as you can notice in the circular. Instead of giving relaxation to increase real estate transactions in such a depriving economic conditions in the country, the FBR has made a new process for Overseas Pakistani to get higher tax exemptions.<\/p>\n\n\n\n

In this regard, the FBR circular states that a change is being incorporated in the IRIS System for any non-resident taxpayer who wishes to avail the exemption under clause 111AC while creating the CPR, he will be asked to upload his Pakistan Origin Card\/ NICOP Card, and after doing so a provisional PSID will be generated, which will be forwarded to the login of the concerned CCIR.<\/p>\n\n\n\n

Then, the CCIR will be granted access to mark the case to the concerned CIR, who would be required to verify the veracity of the status of non-resident. Once CIR is satisfied, he may allow the taxpayer to avail the exemption, and the non- resident\/taxpayer will be intimated through SMS\/ e-mail about the approval after which he can avail the exemption.<\/p>\n\n\n\n

The Chief Commissioners Inland Revenue are requested to process the verification on priority basis within one business day, FBR added.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Board of Revenue (FBR) has recently issued a circular for Overseas Pakistani to obtain the approval from Concerned Commissioner of Inland Revenue to get non filer or late filer tax exemption and get the filer status even without filling the income tax. As stated above, the FBR on 25th day of November 2024 issued a circular stating Creation of Withholding Taxes under section 236C & 236K of Income Tax Ordinance for Overseas Pakistani. It means that the Overseas Pakistani will again, as before June 30, 2024, be treated as “filer” to make transactions for immovable property if they<\/p>\n","protected":false},"author":1,"featured_media":413,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"class_list":["post-424","page","type-page","status-publish","has-post-thumbnail","hentry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t