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Govt Planning to Charge Massive Taxation on Buyers and Sellers of Housing Society Files and Property

Govt Planning to Charge Massive Taxation on Buyers and Sellers of Housing Society Files and property in the budget due to be released (2023-24) and to keep track of plots trading in private housing societies.

Sources have informed us that withholding taxes are avoided in private housing schemes. At the same time, trading plots are traded across the nation. The main target is registered property agents who are involved in business transactions that involve owners and buyers of property that is immovable.

Many private housing associations attempt to avoid tax by denying real transfers, and the trade of files goes on without paying taxes. To investigate these practices within the private housing scheme and prevent tax evasion, the FBR will adopt measures in the upcoming budget to verify buyers and sellers and ensure that taxes are paid.

The changes to the law would guarantee that taxes are paid on the sale and purchase of plots owned by private housing societies, and it will also provide that the property is documented as immovable.

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The Govt Planning has raised taxes from 100 percent to 250 percent for property purchases not taxpayer active. In the event of the person who buys the property that is not listed as a taxpayer on the Active Taxpayers List, the tax rate to be taken under section 236K was increased to 250 percent of the tax rate stated in Division XVIII in Part IV of First Schedule. The change required has been included in Rule 1 in the Tenth Schedule to the Income Tax Ordinance.

FBR will release increased valuations for immovable properties starting July 1st, 2023. The FBR has begun updating property valuation tables all over Pakistan in consultation with provincial authorities.

The FBR has asked the top members of the Board of Revenues, Sindh, Balochistan, Punjab. Khyber-Pakhtunkhwa and Gilgit-Baltistan to issue instructions to the divisional heads/district heads for the nomination of representatives of the Board of Revenue for consultation/consideration with the teams constituted by the chief commissioners of Regional Tax Offices.

The FBR is working on the agenda of tax reforms. Specifically, Pakistan Raises Revenue Project (PRRP) under the supervision of the World Bank. One of the project’s most significant components aims to harmonize the valuation of immovable properties between FBR and the provincial governments/districts.

Pakistan’s Real Effective Exchange Rate ‘Stable’ At 85.6 in April

Pakistan’s Real Effective Rate (REER) was halted and was in the range of 85.6 on April 20, 2023.
The latest monthly figures published by the State Bank of Pakistan (SBP) show that the rate of change was stable, thus similar to 85.6 reported in March 2023.

The REER index recorded at 85.6 in April 2023. For details see https://t.co/0pjvdnFNYw https://t.co/Ird7FDRPyG #SBPREER pic.twitter.com/h6JbMUwYBO
— SBP (@StateBank_Pak) May 16, 2023

A REER higher than 100 signifies a decline in trade competitiveness and a decrease in exports as they become more expensive. Imports get less expensive, while the REER that is lower than 100 means that the country’s exports are competitive.

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The current value of Pakistan’s Real Effective Rate of 85.6 suggests that exports yield higher returns; however, because the raw material and machinery imports are unavailable because of import restrictions, Pakistan’s exports have slowed compared to last year.

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The Pakistani rupee (PKR) is a significantly undervalued currency at the opposite end in the range of REER. This suggests that, although exports may be more competitive than they are at the moment of REER, the return will be minimal since the exchange rate has negative fundamentals. Profits converted into PKR individually will only decrease the actual value of earnings.
A decline in remittances and worries about the exchange rate, the reserves, and inflows below par hamper trade expansion.

LDA shares requirements for applicants seeking a possession order

Lahore — The Lahore Development Authority (LDA) is mandated applicants seeking possession orders to submit specific documents with their applications to the LDA One Window Cell, according to a report published on May 8.

Documents required to support possession orders include the following:

Two attested, certified photos
Affidavit of a valid identity card
Letter of exemption or allotment
The most recent verified copy Sale Agreement Exemption Agreement
Copies of the ownership franchise’s letter
Three thumb rings that have been attested and the signatures of specimens
The biometrics and other information of applicants

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The applicants are also urged to take the time to review all required documents before submitting their application for a possession order to ensure that there are no delays in the process. The authorities may deny the application if there is no evidence of the required documents.

These guidelines were designed to simplify the application process and ensure that only legitimate claims for possession are considered. This LDA One Window Cell is determined to provide adequate services to the masses and ensure that every application is processed transparently and swiftly.

DG LDA orders the development of an online bidding system

Lahore: The Commissioner of Lahore and Director General (DG) of the Lahore Development Authority (LDA), Muhammad Ali Randhawa, on Tuesday, oversaw the development of an internet-based bidding platform for auctions for plots as well commercial property.

In a discussion in the Commissioner’s Office, Randhawa expressed his desire to specifically assist investors who need the documents required for commercial properties as part of his “Ease of Doing Business” initiatives.

The Lahore Development Authority will allow investors to invest in the province’s capital. The authority will implement measures to boost the production of resources like those of the private sector.

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Commissioner and DG LDA instructed the IT Directorate to immediately create an electronic bidding platform.
Furthermore, they stated that the main objective of online bids is to protect investors from delays and ineffective actions.
Randhawa suggested modernizing the bidding process to auction plots and other commercial properties and integrating an online bid process into the traditional bidding process.
He also stated that he would like to reach the highest number of potential investors in the nation and abroad through bidding online.

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The Chief Engineer, Israr Saeed Khan, and the Additional DG of headquarters, Imran Ali, attended this meeting. The additional DG of Housing, Syed Munawar Bukhari, and the Director DG at Headquarters, Asif Hussain. Also, the Director of Finance officials of the Punjab Finance Department, Director of Development Lahore Division, Javed Chauhan, and other officials.

SECP registered 228 real estate construction firms in April

Islamabad: Securities and Exchange Commission of Pakistan ( SECP) registered 1,760 new businesses in April 2023, of which SECP registered 228 real estate construction firms in April, as reported by a news outlet on May 11. In total, the number of companies registered increased to 191,924.

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The capital paid up to companies registered at registration totaled PKR 2.9 billion. According to the data, 57% of companies registered were private limited businesses, with 41% being sole-member companies and the remaining 2% being limited liability partnerships not listed as public companies and not-for-profit organizations. It was noted that 99.8 percent were registered online, and 70 were foreign-born applicants.

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SECP registered 1,760 New Companies in April

The news report revealed the Information Technology sector had 267 companies registered. SECP registered 228 real estates, Trading 222, Services 194, Food & Beverages 93, e-commerce 68, Education 62, tourism 53, Textile 52, Marketing & Advertisement and Agricultural Farming 42 each, and Engineering included 36. Healthcare was 33. The chemical has 31. Pharmaceutical and Power Generation had 30 each. Mining & Quarrying had 27, Cosmetics & Toiletries had 24. Auto & Allied had 22, Broadcasting & Telecasting had 20. Communications and Fuel & Energy had 19 each; Transport had 17; Lodging had 15; Cables & Electrical Goods had 15; Paper & Board had 11, while other industries had 87.

SECP Increases Requirements for Registration of Foreign Companies

The Securities and Exchange Commission of Pakistan (SECP) has stepped up the requirements for documentation to register foreign-owned companies operating inside Pakistan.

SECP has issued S.R.O. 530 (I)/2023. SECP issued S.R.O. 530 (I)/2023 and S.R.O. 532 (I)/2023 on Tuesday to modify the Foreign Companies Regulations, 2018, and Companies (Incorporation) Regulations, 2017. Under S.R.O. 532 (I)/2023 issued by the SECP, the SECP certification of documents has to have been filed with foreign corporations.

In this context it is necessary to have a copy of any memorandum, charter, statute or other document which defines the foundation of a foreign corporation that must file with the registrar as per the clause (a) of subsection (1) of sections 435 and 436 as well as any other document that must be filed pursuant to Part XII of the Act and the regulations thereunder, must be formally (i) certified as authentic by the public official in the country in which the business is incorporated and to whose care the original document is entrusted or (ii) verified as authentic by a Notary public in the country in which the company is incorporated,

or (iii) verified as authentic with an affidavit from an authorized official of the company who is duly licensed in the country in which the company is established or (iv) signed by the authorized authority in the state of origin of the document, having signed the Hague Convention abolishing the requirement of legalization for public documents from abroad (Apostille Convention) of 1961. The state is also recognized as a state by the Government of Pakistan for receiving documents apostilled; SECP updated regulations were included.

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As per the new regulations of S.R.O. (I)/2023, by the revised rules of S.R.O. (I)/2023, If it is a foreign entity or an international corporate body, the registrar will require additional information that includes but is not limited to details of who is the entity as well as the foreign corporation’s profile, details of directors, nationality and their country of origin and a copy of the charter, memorandum or statute and its articles, etc.

If the copies of the charter or statute, memorandum, documents, or other instruments that define or establish the legal structure of an international corporation or foreign body corporate that is required to file with the registrar should be adequate – (i) certified as an authentic copy by the public officer of the country in which the foreign corporation or corporation is registered, to the whose custody the original is entrusted or (ii) certified as authentic by a Notary public in the country in which the foreign corporation or foreign body corporate is incorporated.

(iii) confirmed to be true copies with an affidavit from an official responsible for the foreign company or body corporate within the country where the corporation is incorporated or (iv) acknowledged by the designated authority of the country of origin of the document, which has signed the Hague Convention abolishing the requirement of legalization of foreign public documents (Apostille Convention) of 1961.

The Government of Pakistan also recognizes this state for receiving documents apostilled in the following conditions: The seal and signature of the official or the notary public certificate will be authenticated by a Pakistan diplomatic consul or consulate officer. An official certificate issued by the foreign corporation’s office and the foreign corporate body has to be signed in front of the Pakistan diplomat consular official, in addition to the SECP, was added.

SECP registered 1,760 New Companies in April

The Securities and Exchange Commission of Pakistan SECP registered 1760 new companies in April 2023, which brought their total registered number to 191,924. The total capital (capitalization) for companies incorporated in April was 2.9 billion.
Around 57 percent of businesses are registered as limited-private firms, 41 percent are single-member companies, and 2 percent are registered as limited liability partnerships, non-profit organizations, or non-listed public companies (LLP). A little over 99.8 percent of companies were registered online. These new Registrations included 70 international applicants.
Foreign investment was reported in 67 new businesses, with international investors coming from Afghanistan, Canada, China, Cyprus, Denmark, Egypt, Germany, Hong Kong, Iran, Japan, Jordan, South Korea, the Netherlands, Singapore, Slovakia Republic, South Africa, Spain, Sri Lanka, Switzerland, Syria, Thailand, Turkey, UAE, UK, and US. The most significant portion of the investments came in China and 36 businesses. Germany and South Korea with 04 each, Hong Kong, Turkey, South Africa, the UK, and the US with two each, and 13 companies from countries other than the US.

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The technology industry was the most prominent by incorporating 267 companies. This was then real estate development and construction with 228 companies, trading with 222, food and beverages and e-commerce with 68, education with 62, and tourism with 53. textiles which have 52 marketing and advertisement, and corporate agriculture farming, each with 42, and engineering with 36. medical with 33, a chemical with 31, pharmaceutical and power generation with 30, mining and quarrying with 27, cosmetics and bathroom products with 24, auto and connected with 22, broadcasting and telecasting with 20, communications and fuel and energy which each has 19 transportation with 17 lodging, cables and electrical items with 15, paper and board with 11 companies, and 87 were registered in various other industries.
Due to the integration of SECP‘s E-services with FBR and other provincial departments, 1 700 companies have been registered at FBR to generate NTN as well as 73 companies that have EOBI, 40 companies were registered with PESSI/SESSI and 55 companies who are registered with the excise and taxation department.
The SECP also offers a dedicated WhatsApp service that instantly resolves any queries regarding names and incorporation procedures. In March, approximately 1,020 inquiries were answered at a 94 percent customer satisfaction rate.

Punjab Launches Actions Against Housing Schemes Built-in Green Areas

Punjab Launches Actions Against Housing Schemes Built-in Green Areas and Urban Centers Caretaker Local Government Minister Ibrahim Murad stressed the importance during a meeting to review the progress of preparing a master plan for 11 districts of Punjab.

The Minister emphasized that green areas should be marked out in the new plan to combat pollution and to safeguard agricultural land to meet the food requirements of the growing population.
Murad said that new housing schemes should not be allowed in green areas, and strict action should be taken against those already illegally sprung up.
He also highlighted that city business and commercial activities are essential to stabilizing the economy. Employment opportunities can be created by promoting business and commercial activities in small towns.
The Local Government Department is preparing master plans for 11 districts, including Rawalpindi, Sialkot, Gujranwala, Okara, Sahiwal, Khanewal, Vehari, Dera Ghazi Khan, Muzaffargarh, Bahawalpur, and Rahim Yar Khan.

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The Local Government Department is preparing master plans for 11 districts, including Rawalpindi, Sialkot, Gujranwala, Okara, Sahiwal, Khanewal, Vehari, Dera Ghazi Khan, Muzaffargarh, Bahawalpur, and Rahim Yar Khan.

Land Use Classification Maps for these districts have already been prepared and sent to the relevant Deputy Commissioners. After approval and notification by the concerned officials, the land use plans of these districts will be prepared, and they will be able to meet the needs of the next 20 years.

Punjab Launches Actions Against Housing Scheme Green areas and Protecting green areas are of the utmost importance in pursuing sustainable urban development. It is reassuring to see that the authorities are taking this issue seriously.

Punjab to Establish E-Registration System for Property Registry

Lahore: South Punjab Additional Chief Secretary (ACS) Capt (rtd.) Saqib Zafar instructed administrators to launch an E-Registration System for regional property registration to assure complete transparency, a news outlet published on April 27.
At a conference in which, the ACS instructed the relevant authorities to implement measures to improve the quality of governance and delivery of services. With the launch of the electronic registration system, public complaints regarding corruption and fraud will have a chance to be dealt with. The system of e-registration will be connected to an electronic stamp, a Land Record Management System, and the National Database & Registration Authority (NADRA).

Read CDWP Clears Six Development Projects Worth Rs. 227 Billion

The ACS further stated that following the introduction of this system, the system will mean that it will ensure that there will be no chance of tax evasion or loss of property records. He further stated that the system will aid in streamlining the real estate industry. The revenue personnel will be trained on every possible step and use experiences gained from the current pilot e-registration program in Sahiwal Division.

APCMA records the lowest drop in cement sales in the previous 9 months

Islamabad: All Pakistan Cement Manufacturers Association (APCMA) has registered the lowest level of cement production in nine months, a news outlet published on May 4. According to the data shared by the organization, it was a decrease of 16.55 percent in the sales of cement in April 2023 as compared with the numbers reported in that same period of last year.

Total cement deliveries for April 2023 totaled 2.951 million tonnes in contrast to 3.536 million tons recorded in April of the previous year. JS Global stated it as the lowest number of dispatches reported in nine months. The data provided by the APCMA showed that local cement deliveries by companies in April had a decline of 25.13 percent, in contrast to dispatches recorded in April of the previous year.

The cement mills in the north dispatched 2.193 million tonnes of cement in April 2023. The number decreased by 23.54 percent compared to 2.868 million tonnes of dispatches recorded in the same time last year. However, the dispatches of cement mills in the south were 0.758 million tonnes in April, which was 13.44 percent higher than the previous year’s total dispatched of 0.669 million.

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The north-based cement mills also shipped 2.109 tonnes of cement to the local markets in April 2023. The figure decreased by 24.85 percent against 2.806 million tons of cement dispatched in April 2022. At the same time, the cement mills in the south dispatched 422,071 tonnes of cement in local markets in April 2023, in contrast to 573,975 tonnes of cement in April 2022. This represented a decline of 26.47 percent.
However, the exports of both the south and north-based mills grew. Exports from the north-based mills grew by 35.93 percent in March 2023 in contrast to April 2022. The south-based mills’ exports increased by
A spokesperson from the APCMA spokesperson stated it is true that the economic downturn has negative effects on cement consumption and that the government should make necessary changes to improve conditions for the construction industry and other related industries.

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