The Federal Board of Revenue (FBR) has reportedly imposed a new condition on overseas Pakistanis, requiring them to obtain approval from the Commissioner Inland Revenue to verify their non-resident status for availing tax rates applicable to filers on immovable property transactions. This new condition will discourage the purchase of property by overseas Pakistanis and, thereby, lower the inflow of vital foreign exchange into Pakistan, weakening the economy.
After years of financial turmoil, we need our economy to grow and to ensure the Rupee remains stable. Encouraging property investment by overseas Pakistanis is the best way to attract much-needed foreign inflows. I believe the finance minister should look into this matter and make purchase of property by overseas Pakistanis as easy as possible.
FCA Ejaz Ahmad Magoon
Dubai
UAE
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