Stamp Duty: Punjab Reduced It On Property Purchase

punjab reduced the stamp duty on property purchase

Punjab government reduced the stamp duty on the purchase of property. The Governor introduced it through an ordinance. According to the ordinance, the stamp duty is reduced from 5% to 1% on the purchase/transfer of the property. keep in mind though, This ordinance will be in effect until June 30th, 2020. It will only cover … Read more

Tax Scheme For Builders & Developers

government introduced the tax scheme for builders and developers

Finally, the government introduced the long-awaited tax scheme for builders & developers. And we are here to unfold the secrets. So, get ready guys. The Basics Before we get deep into the subject, here is the summary of the scheme. Deposit the project money in the bank account. In the case of land, make sure … Read more

Construction Industry: PM Announces A Relief Package

prime minister announces special package for construction industry

Prime Minister Khan announced the special package for construction industry. This package is long due but IMF opposed the idea saying it will create injustice in the tax system. Here are some key points, the details will follow later: 1. FBR won’t ask you about the source if you invest in the construction business in … Read more

IMF Rejects The Tax Scheme For Builders And Developers

imf rejects the tax scheme for builders and developers

IMF rejected the proposed tax scheme for builders and developers. Chairman FBR MR. Shabbar Zaidi announced it two months ago that they are drafting a special scheme for the industry to help it under the given economic conditions and to recirculate the money, stuck in the industry. The federal government drafted the presidential ordinance. But … Read more

Property Dealers and Jewelers: FBR’s Special Instructions

special instructions for property dealers and jewelers

FBR issued special instructions for property dealers and jewelers. These are the draft amendments and open for the public. Subject to cabinet approval, these will become law. There are two basic requirements for real estate agents and jewelers (called designated persons in the draft) to fulfill. To maintain records of their customers To report any … Read more

Are You Required To Declare Your Assets? [Property]

are you required to declare your assets

The Asset Declaration Scheme 2019 is long over, and FBR is on a mission of sending notices and confiscating the “Benami” properties. There is confusion though amongst the folks who own a property or a vehicle if the said scheme applied on them or not. Put it in a simple question. Are you required to … Read more