Source: Graana.com
The Federal Board of Revenue (FBR) has announced a significant tax relief for overseas Pakistanis, exempting them from higher real estate taxes even if they are not listed on the Active Taxpayers List (ATL). This exemption applies to transactions under Sections 236C and 236K of the Income Tax Ordinance, 2001, and is available to holders of Pakistan Origin Cards (POC) or National ID Cards for Overseas Pakistanis (NICOP), as per Clause 111AC of the ordinance.
To facilitate the exemption process, the FBR has launched a digital verification system through its IRIS platform. This user-friendly system requires non-resident Pakistanis to upload their POC or NICOP details when generating a Computerized Payment Receipt (CPR). Once the details are submitted, a provisional PSID is issued, initiating a verification process designed to conclude within one business day.
The digital verification process involves thorough scrutiny at multiple levels. Initially, Chief Commissioners of Inland Revenue (CCIRs) review the cases before passing them on to Commissioners of Inland Revenue (CIRs) for final approval. Upon approval, applicants are immediately notified via SMS and email.
The initiative has been rolled out across all tax offices, including Large Taxpayers’ Offices (LTOs), Medium Taxpayers’ Offices (MTOs), Corporate Tax Offices (CTOs), and Regional Tax Offices (RTOs), ensuring nationwide accessibility for eligible overseas Pakistanis.
By reducing bureaucratic hurdles, the FBR aims to encourage overseas Pakistanis to invest in the country’s real estate sector. The exemption is expected to boost confidence among non-resident Pakistanis and streamline tax processes, making investments in Pakistan more attractive and efficient.
This policy marks a significant move towards fostering economic growth and enhancing the ease of doing business for overseas Pakistanis.
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