ProPropertyNewsFBR Extends Tax Net to Pakistani-Owned Properties in Turkey

FBR Extends Tax Net to Pakistani-Owned Properties in Turkey

ISLAMABAD: The Government of Pakistan has taken another significant step to identify and tax immovable properties owned by Pakistanis living in Turkey and has contacted the relevant Turkish Revenue Administration, reports ProPakistani.

According to a senior Ministry of Finance official, the Federal Board of Revenue (FBR) regularly collects information on immovable properties owned by Pakistanis in nations such as the United Kingdom, the United States, Canada, and the United Arab Emirates.

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The source claimed that Pakistan has now turned its attention entirely towards Turkey, where a lot of Pakistanis have purchased immovable properties.

The country’s tax authorities have approached the Turkish Revenue Administration as it has discovered that Pakistanis are buying properties in Turkey, most of which are undeclared by owners who reside in Pakistan.

The properties owned by resident Pakistanis would be registered and taxed, with penalties and fines imposed by the Income Tax Ordinance 2001, said the sources.

Recently, the FBR and Revenue and Customs of the United Kingdom of Great Britain and Northern Ireland have also signed a Memorandum of Understanding to collaborate on capacity-building programs in helping Pakistan achieve its tax reform objectives.

Besides, the FBR sent notices to hundreds of individuals who earned rental income from houses in the United Kingdom. The UK tax authorities have even provided the FBR with full details about Pakistanis who own property and make rental income, including their addresses and phone numbers.

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Furthermore, the Dubai Land Department is also providing information about Pakistani property owners in Dubai.

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