{"id":54069,"date":"2019-08-01T13:02:45","date_gmt":"2019-08-01T08:02:45","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=54069"},"modified":"2020-07-01T15:03:39","modified_gmt":"2020-07-01T10:03:39","slug":"fbr-clarifies-budget-measures-concerning-overseas-pakistanis","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-clarifies-budget-measures-concerning-overseas-pakistanis.html","title":{"rendered":"FBR clarifies budget measures concerning overseas Pakistanis"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue issued a detailed circular on Tuesday aimed at explaining important amendments to the Income Tax Ordinance 2001 made through the Budget 2019-20 one of which significantly changed the definition of a resident \u2013 a news source reported.<\/p>\n<p>The circular changed the definition of resident individuals for tax purposes. Previously, an individual was treated as a \u2018resident\u2019 for a tax year if they were present in Pakistan for a period of 183 days (over six months) or more in a tax year. Now, in addition to that, a person will be considered a resident if they stayed in Pakistan for a period of 120 days in a tax year, provided that the cumulative number of days they stayed in Pakistan during the past four years total to 365. This can have a significant impact on the tax status of overseas Pakistan since non-resident Pakistani are exempt from payment of taxes.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/real-estate-incentives-needed-to-attract-overseas-investment-advisor-hafeez-shaikh.html\" target=\"_blank\" rel=\"noopener noreferrer\">Real estate incentives needed to attract overseas investment: Advisor Hafeez Shaikh<\/a><\/p>\n<p>This new policy can have a significant impact on the tax status of overseas Pakistanis since these individuals are exempted from payment of taxes.<\/p>\n<p>Moreover, several modifications have been made to the definitions of the terms: offshore tax evasion, offshore asset, offshore enabler, and asset mover.<\/p>\n<p>Any offshore asset is now defined as moveable or immoveable asset held \u2013 any gain, profit or income derived &#8211; or any expenditure incurred outside Pakistan.<\/p>\n<p>Read:\u00a0<a href=\"https:\/\/www.zameen.com\/blog\/fbr-to-probe-property-tax-evasion-worth-pkr-2-bn.html\" target=\"_blank\" rel=\"noopener noreferrer\">FBR to probe property tax evasion worth PKR 2 bn<\/a><\/p>\n<p>Similarly, an offshore evader is an individual who \u2018owns, possesses, controls or is a beneficial owner of an offshore asset and does not declare, under-declares, or provides inaccurate particulars of such assets to the FBR.\u2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue issued a detailed circular on Tuesday aimed at explaining important amendments to the Income Tax Ordinance 2001 made through the Budget 2019-20 one of which significantly changed the definition of a resident \u2013 a news source reported. The circular changed the definition of resident individuals for tax purposes. Previously, an individual was treated as a \u2018resident\u2019 for a tax year if they were present in Pakistan for a period of 183 days (over six months) or more in a tax year. Now, in addition to that, a person will be considered a resident if they stayed in Pakistan for a period of 120 days in a tax year, provided that the cumulative number of days they stayed in Pakistan during the past four years total to 365. This can have a significant impact on the tax status of overseas Pakistan since non-resident Pakistani are exempt from payment of taxes. Read:\u00a0Real estate incentives needed to attract overseas investment: Advisor Hafeez Shaikh This new policy can have a significant impact on the tax status of overseas Pakistanis since these individuals are exempted from payment of taxes. Moreover, several modifications have been made to the definitions of&hellip;<\/p>\n","protected":false},"author":57,"featured_media":40668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12446],"persona":[],"class_list":{"0":"post-54069","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-clarifies-budget-measures-concerning-overseas-pakistanis","9":"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>FBR clarifies budget measures concerning overseas Pakistanis - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue issued a detailed circular on Tuesday aimed at explaining important amendments to the Income Tax Ordinance 2001\" \/>\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\/fbr-clarifies-budget-measures-concerning-overseas-pakistanis.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR clarifies budget measures concerning overseas Pakistanis - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue issued a detailed circular on Tuesday aimed at explaining important amendments to the Income Tax Ordinance 2001\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-clarifies-budget-measures-concerning-overseas-pakistanis.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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