"government is planning to increase the country's tax net and regulate property owner's data base under renewed clause (32) of section 2 of income/wealthtax ordinance 2001 read with rule 232&236 of income tax rules 2002"
Taxes within range of 15-40% for multiple property owners.
How will this impact over seas Pakistanis
Sir big problem! Overseas will explore other avenues for investment. Not a good decision by the Government.
By the way 15-40% of what? Of the asset value?
Very Bad.
G14, F15/F16 as test subjects? R u Kidding me?
how about developing these sectors first without throwing additional development charges bombs at the plot owners........?
Y dnt Government officials present themselves as test subjects and declare their own properties.....
Well i have to say am not surprised.... This is exactly wats expected from this government!
Motto of PMLN gov: Khud daba kay khao lekin doosro ko khanay nahi dena
Very very bad and strange.How can they tax overseas ,who earn abroad and invest in Pakistan???
THE money is not earned in Pakistan/ some lawyer with explanation please??
Dk bhai this will be a wealth tax levy. Where you earned the money matters for income tax purposes. For wealth tax all that is required is for your asset to be in Pakistan. In the case of property the asset is in Pakistan so the weal tax can be levied.
The argument in favour of wealth tax is that it is meant to discourage concentration of wealth in a few hands. The other side of the argument which is against wealth tax is that it discourages saving and investment.
Published Jul 05, 2013
THE government has levied 0.5 per cent wealth tax in the budget for the year 2013 - 14 on all movable assets. It will be on all money in the bank accounts, fixed deposits, shares in public and private companies, prize bonds, cars and any other types of movable assets.
What Churchill said in 1945 when Britain decided to give independence to undivided India has come true. He said: "These men in India are of straw. They will tax everything under the sun. Even air will not be free to breathe.”
Wealth tax was removed in 2003 but the PML - N government has levied it once again. This is an exception as wealth tax is not levied in India, Bangladesh, Sri Lanka or in any Western country.
This is bound to discourage savings and stock markets and will encourage flight of capital from the country.
RAZA ALI DOSSA Karachi
http://www.dawn.com/news/1022972
It would've been better if we stayed under British rule or were like Canada etc
Well said Junaid!
These Sharif's r THE WORST!
Junaid bhai if you think it would be better to be under British rule then why don't you simply apply for canadian immigration. Pakistan needs people who want to be Pakistani and are working to make their own country more self reliant and independent.
You should liquidate your assets in Pakistan and apply for investor immigration.
I am thinking about that already :)
Not an investor immigration as I might not be that rich but certainly through skilled immigration.
I miss my time there when I was a student..
Paying taxes is good idea,but it should not spare the influential ones, it should be for all.
OUR neighboring country taxes everything, even gold purchased worth 1 lack is taxed directly via goldsmith shop bills in thousands may be 2-10 thousands.
IF WE just make some transparency in tax circle and collection plus expand the tax base genuinely ......AND I SAID GENUINELY ..BCZ MAJORITY OF OUR MEMBER NATIONAL ASSEMBLY ,WHO CAN SPEND 2- 5 CRORE ON ELECTION ...SIMPLY DON'T HAVE A SUZUKI MEHRAN OF 6 LACKS RUPEES.................HUND GAL KAR LO GEE??????
HOW TO TAX GENTLEMAN????
Corruptistan hai… Har banda, har cheez corrupt hai yaha… Idhar apna talent aur apni family ki life barbad karnay ki zaroorat nahi hai… Jis ka bas chal raha hai bahir ja raha hai… I also worked hard in a western country and made a name and respect for myself and my country but when I came back, all I got is ******** in this place.
Dear Pk1. You are the biggest pml-n supporter here. Can you put a positive spin on this?
Khan007, I was also a supporter of PPP when Tahirul Qadri launched a dharna against the elected government then. And I will also be a supporter of PTI if they are elected and someone tries to destabilise them.
As for the positive spin, well I have provided the case for both sides in one of the previous posts on this thread. You have to choose which argument convinces you more.
This letter seems fake to me…
This is bad news for property investors. First they got access to bank accounts and now they are after property. Most society offices have detail of owners in computerized form. If they start asking for it they will get all the data and investors will rush out from property market, specially here in Islamabad.
Good. Investors absence will hopefully make prices come down and common folks will be able to buy.
ZOL, no one will develop any society as well , bcz the society owners need big money to enjoy, they won't do something for those waiting for downturn in prices.PRICE hike is what is played in by society owners and dealers collectively, ITS BAD BUT ITS THE BITTER TRUTH.
CHARITY work is done by EDHI OR OUR POOR 95 % PPL.
THE TREE IS PLANTED BY POOR FARMER , AND IS LOOKED AFTER BY HIS ENTIRE FAMILY ,BUT APPLES ARE EATEN BY RICH .