Overseas Pakistanis can now enjoy a significant financial relief while investing in their homeland. The Federal Board of Revenue (FBR) has announced a groundbreaking procedure that eliminates the hassle of in-person visits and grants substantial tax exemptions for property purchases.
Ease of Property Investment
The FBR’s initiative marks a monumental step in supporting overseas Pakistanis. By abolishing Sections 236 and 236-K, the physical presence of non-resident Pakistanis is no longer required. This game-changing decision allows investors to generate their PSID codes online, paving the way for effortless property acquisitions.
A Simple and Transparent Process
How It Works?
The process has been designed with simplicity and transparency at its core:
- Generate a temporary PSID code online.
- Email it to the relevant chief commissioner of inland revenue.
- The commissioner verifies the NICOP details and approves it based on merit.
Once approved, overseas Pakistanis are eligible for tax exemptions amounting to millions of rupees.
Federal Tax Ombudsman’s Role and FBR’s Commitment
Fast-Track Processing for Overseas Pakistanis
Federal Tax Ombudsman Dr. Asif Mehmood Jah’s proactive approach has further eased the process. Under his direction, the FBR has mandated a one-day turnaround for all cases, ensuring timely relief for overseas Pakistanis. This swift processing underscores the government’s dedication to fostering trust and facilitating investment.
Conclusion
This landmark initiative demonstrates how Pakistan values its expatriates. By simplifying tax procedures and granting financial incentives, the FBR has reaffirmed its commitment to empowering overseas Pakistanis. Now is the perfect time to invest in Pakistan, build your dream property, and contribute to the nation’s growth.
Explore your options today and take the first step towards a prosperous future in Pakistan.
