How can overseas Pakistanis get tax exemption on property transactions?
The Federal Board of Revenue (FBR) has announced it will maintain the tax exemption on property transactions for overseas Pakistanis.
The top tax authority has finalised the procedure for obtaining tax exemption on property transactions, as it has made some changes in the online IRIS system for the verification of non-residents.
Overseas Pakistani taxpayers who wish to obtain an exemption under Section 111A through a computerised payment receipt will need to upload their Pakistani Origin Card or NICOP, from which a PSID will be generated.
Also read: Passengers can bring more than one phone as FBR reverses amendments
This will then be sent to the relevant Inland Revenue chief commissioner for login. The official will assign the case to the relevant commissioner, who will verify the status of the non-resident Pakistani.
Once satisfied, the Inland Revenue commissioner will grant the tax exemption to the non-resident Pakistani taxpayer, and the exemption notification will be sent to the applicant via SMS or email.
