{"id":100898,"date":"2024-12-27T10:44:10","date_gmt":"2024-12-27T05:44:10","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100898"},"modified":"2024-12-27T10:45:21","modified_gmt":"2024-12-27T05:45:21","slug":"overseas-pakistanis-get-real-estate-tax-relief","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/overseas-pakistanis-get-real-estate-tax-relief.html","title":{"rendered":"Overseas Pakistanis get real estate tax relief under new FBR initiative"},"content":{"rendered":"\n<p><strong>Karachi:<\/strong> In a landmark move to encourage foreign investment in Pakistan&#8217;s real estate sector, the Federal Board of Revenue (FBR) has announced a tax relief initiative for overseas Pakistanis. Under this program, non-resident Pakistanis holding Pakistan Origin Cards (POC) or National ID Cards for Overseas Pakistanis (NICOP) are now exempt from higher tax rates under sections 236C and 236K of the Income Tax Ordinance, 2001, even if they are not listed on the Active Taxpayers List (ATL).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/overseas-pakistani-property-bill-approve.html\" target=\"_blank\" rel=\"noreferrer noopener\">President approves Overseas Pakistani Property Bill 2024<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>This exemption, outlined under Clause 111AC of the Income Tax Ordinance, is aimed at reducing financial barriers and simplifying the investment process for overseas Pakistanis. To facilitate this, the FBR has introduced a new digital verification system through its IRIS portal.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Overseas Pakistanis seeking tax relief must upload their POC or NICOP documentation when generating their Computerized Payment Receipt (CPR). The system will then generate a provisional PSID, initiating a streamlined verification process.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cda-seeks-overseas-investment-for-hotel-auctions.html\" target=\"_blank\" rel=\"noreferrer noopener\">CDA seeks overseas investment for prime hotel, residential auctions<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>According to a senior FBR official, the verification process is designed to be completed within one business day, ensuring swift approval for applicants. The procedure involves oversight by Chief Commissioners of Inland Revenue (CCIRs) and final verification by Commissioners of Inland Revenue (CIRs). Successful applicants are notified immediately via SMS and email.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>\u201cThis initiative represents a significant step forward in facilitating overseas Pakistanis,\u201d the official stated. \u201cIt reflects our commitment to reducing bureaucratic hurdles and encouraging foreign investment in the real estate sector.\u201d<\/p>\n\n\n\n<p>The tax exemption process is being implemented across all tax offices, including Large Taxpayers\u2019 Offices (LTOs), Medium Taxpayers\u2019 Offices (MTOs), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs).<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/quicker-services-overseas-pakistanis.html\" target=\"_blank\" rel=\"noreferrer noopener\">LDA reduces the processing time of Overseas Pakistanis\u2019 applications<\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>The move aligns with the government\u2019s broader economic objectives of promoting foreign investment and fostering economic growth. By streamlining the tax exemption process, the FBR hopes to make Pakistan a more attractive destination for overseas investors, particularly in the burgeoning real estate sector.<\/p>\n\n\n\n<p>4o<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: In a landmark move to encourage foreign investment in Pakistan&#8217;s real estate sector, the Federal Board of Revenue (FBR) has announced a tax relief initiative for overseas Pakistanis. Under this program, non-resident Pakistanis holding Pakistan Origin Cards (POC) or National ID Cards for Overseas Pakistanis (NICOP) are now exempt from higher tax rates under sections 236C and 236K of the Income Tax Ordinance, 2001, even if they are not listed on the Active Taxpayers List (ATL). Read: President approves Overseas Pakistani Property Bill 2024 This exemption, outlined under Clause 111AC of the Income Tax Ordinance, is aimed at reducing financial barriers and simplifying the investment process for overseas Pakistanis. To facilitate this, the FBR has introduced a new digital verification system through its IRIS portal. Overseas Pakistanis seeking tax relief must upload their POC or NICOP documentation when generating their Computerized Payment Receipt (CPR). The system will then generate a provisional PSID, initiating a streamlined verification process. Read: CDA seeks overseas investment for prime hotel, residential auctions According to a senior FBR official, the verification process is designed to be completed within one business day, ensuring swift approval for applicants. The procedure involves oversight by Chief Commissioners of Inland&hellip;<\/p>\n","protected":false},"author":18,"featured_media":99068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[59415,61325,7498,61321,4295,60211,37769,61326,61324,57583,61323,1685,122,61322,1777,1302,3339,61327,6090,35709],"persona":[],"class_list":{"0":"post-100898","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-active-taxpayers-list","9":"tag-digital-verification","10":"tag-economic-growth","11":"tag-fbr-initiative","12":"tag-foreign-investment","13":"tag-government-initiatives","14":"tag-income-tax-ordinance","15":"tag-investment-facilitation","16":"tag-iris-system","17":"tag-nicop","18":"tag-non-resident-pakistanis-2","19":"tag-overseas-pakistanis","20":"tag-pakistan-real-estate-2","21":"tag-poc","22":"tag-real-estate-investment","23":"tag-real-estate-sector","24":"tag-real-estate-taxes","25":"tag-streamlined-process","26":"tag-tax-exemption","27":"tag-tax-relief","28":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Overseas Pakistanis get real estate tax relief - Zameen News<\/title>\n<meta name=\"description\" content=\"r Overseas Pakistanis (NICOP) are now exempt from higher tax rates even if they are not listed on the Active Taxpayers List (ATL)...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/overseas-pakistanis-get-real-estate-tax-relief.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overseas Pakistanis get real estate tax relief - Zameen News\" \/>\n<meta property=\"og:description\" content=\"r Overseas Pakistanis (NICOP) are now exempt from higher tax rates even if they are not listed on the Active Taxpayers List (ATL)...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/overseas-pakistanis-get-real-estate-tax-relief.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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