{"id":88764,"date":"2022-09-19T15:35:41","date_gmt":"2022-09-19T10:35:41","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=88764"},"modified":"2022-09-19T15:35:45","modified_gmt":"2022-09-19T10:35:45","slug":"mechanism-cvt-pakistanis-foreign-assets","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html","title":{"rendered":"Mechanism in making for payment, collection, recovery of CVT on Pakistanis&#8217; foreign assets"},"content":{"rendered":"\n<p>Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the payment, collection and recovery of the Capital Value Tax (CVT) on foreign assets owned by resident Pakistanis, according to news sources.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-file-income-tax-september-30.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR urges citizens to file Income Tax before September 30<\/a><\/p>\n\n\n\n<p>As per the sources, the SHC has directed the board to prescribe the time, mode, and manner for the payment of collection and recovery of CVT on foreign assets that have been imposed through the Finance Act, 2022. It was highlighted that FBR has imposed the CVT on assets held internationally by Pakistanis but is yet to prescribe time, mode and manner for the payment of collection and recovery of the tax. After the notification is issued to this effect by the board, the SHC will examine the procedure.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-notice-tier-1-retailers-pos-system.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR issues notice to Tier-1 retailers to integrate POS system<\/a><\/p>\n\n\n\n<p>In a previous development, the <a href=\"https:\/\/www.zameen.com\/news\/immovable-property-tax-fbr-exemption.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR<\/a> issued notices to Pakistanis with foreign assets (as declared through their returns of income for the tax year 2021) to pay CVT for the tax year 2022. An official from the Large Taxpayers Office (LTO) Karachi stated that the CVT at 1% has been imposed through Section 8, Finance Act, 2022 on people having foreign assets worth over PKR 100 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the payment, collection and recovery of the Capital Value Tax (CVT) on foreign assets owned by resident Pakistanis, according to news sources. Read: FBR urges citizens to file Income Tax before September 30 As per the sources, the SHC has directed the board to prescribe the time, mode, and manner for the payment of collection and recovery of CVT on foreign assets that have been imposed through the Finance Act, 2022. It was highlighted that FBR has imposed the CVT on assets held internationally by Pakistanis but is yet to prescribe time, mode and manner for the payment of collection and recovery of the tax. After the notification is issued to this effect by the board, the SHC will examine the procedure. Read: FBR issues notice to Tier-1 retailers to integrate POS system In a previous development, the FBR issued notices to Pakistanis with foreign assets (as declared through their returns of income for the tax year 2021) to pay CVT for the tax year 2022. An official from the Large Taxpayers Office (LTO) Karachi stated that&hellip;<\/p>\n","protected":false},"author":75,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016,15017],"tags":[37629,19230,54134],"persona":[],"class_list":{"0":"post-88764","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"category-notices-announcements","9":"tag-capital-value-tax","10":"tag-federal-board-of-revenue-fbr","11":"tag-pakistanis-foreign-assets","12":"cat-15016-id","13":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mechanism in making for CVT on Pakistanis&#039; foreign assets- Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the\" \/>\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\/mechanism-cvt-pakistanis-foreign-assets.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mechanism in making for CVT on Pakistanis&#039; foreign assets- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-19T10:35:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-19T10:35:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hazafa Hasan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hazafa Hasan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mechanism in making for CVT on Pakistanis' foreign assets- Zameen News","description":"Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html","og_locale":"en_US","og_type":"article","og_title":"Mechanism in making for CVT on Pakistanis' foreign assets- Zameen News","og_description":"Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the","og_url":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2022-09-19T10:35:41+00:00","article_modified_time":"2022-09-19T10:35:45+00:00","og_image":[{"width":1170,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg","type":"image\/jpeg"}],"author":"Hazafa Hasan","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Hazafa Hasan","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html"},"author":{"name":"Hazafa Hasan","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/422fcc128fcaf82dae8406d1cf62a52b"},"headline":"Mechanism in making for payment, collection, recovery of CVT on Pakistanis&#8217; foreign assets","datePublished":"2022-09-19T10:35:41+00:00","dateModified":"2022-09-19T10:35:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html"},"wordCount":228,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg","keywords":["Capital Value Tax","Federal Board of Revenue (FBR)","Pakistanis&#039; foreign assets"],"articleSection":["New Developments","Notices &amp; Announcements"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html","url":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html","name":"Mechanism in making for CVT on Pakistanis' foreign assets- Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg","datePublished":"2022-09-19T10:35:41+00:00","dateModified":"2022-09-19T10:35:45+00:00","description":"Karachi: The Sindh High Court (SHC) on Thursday instructed the Federal Board of Revenue (FBR) to outline a concrete and detailed mechanism for the","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2021\/04\/FBR.jpg","width":1170,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/mechanism-cvt-pakistanis-foreign-assets.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"Mechanism in making for payment, collection, recovery of CVT on Pakistanis&#8217; foreign assets"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/422fcc128fcaf82dae8406d1cf62a52b","name":"Hazafa Hasan","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","caption":"Hazafa Hasan"},"description":"Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.","url":"https:\/\/www.zameen.com\/news\/author\/hazafa"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/88764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/75"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=88764"}],"version-history":[{"count":2,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/88764\/revisions"}],"predecessor-version":[{"id":88792,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/88764\/revisions\/88792"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/75334"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=88764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=88764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=88764"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=88764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}