Finance Minister Ishaq Dar and representatives of the real estate sector discussed the main features of the amnesty scheme, which will be implemented through a presidential ordinance or by introducing a bill in parliament, said a government official. This was the third round of such talks in the last four days.
After the talks, Dar told media that another meeting would be held on Wednesday in which real estate sector representatives and FBR officials would share their respective property valuation rates. “On Wednesday, the two parties will reach a consensus as things are going towards positive direction,” he said.
Real estate sector representatives would bring their own property valuation rates of 18 main cities and FBR officials will share their rates. On the basis of both the rates, valuers will work out ‘consensus rates’. These determinations will then become the basis for giving amnesty on past transactions and calculating taxes on future transactions, said the officials.
The need for the tax amnesty scheme arose after the government brought legal changes to determine fair market value of the properties by amending Income Tax Ordinance through the Finance Act 2016. However, a move that was initially aimed at capturing actual income gains from the property transactions may end up whitening about Rs. 7 trillion in untaxed and black money currently parked in the real estate sector.
However, the changes in the tax law have immediately created two problems, putting a question mark over trillions of rupees transactions carried out till June 30 and the fair market value of the future transactions, said a senior government official who attended the negotiations.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 9, 2023 (Thursday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||331||334.2|
|Hong Kong Dollar||HKD||35.08||35.43|
|New Zealand Dollar||NZD||173.63||175.63|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs193,700 on Thursday. The price of 10 grams of 24k gold was recorded at Rs166,070.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 193,700||PKR 2,350|
|Karachi||PKR 193,700||PKR 2,350|
|Islamabad||PKR 193,700||PKR 2,350|
|Peshawar||PKR 193,700||PKR 2,350|
|Quetta||PKR 193,700||PKR 2,350|
|Sialkot||PKR 193,700||PKR 2,350|
|Attock||PKR 193,700||PKR 2,350|
|Gujranwala||PKR 193,700||PKR 2,350|
|Jehlum||PKR 193,700||PKR 2,350|
|Multan||PKR 193,700||PKR 2,350|
|Bahawalpur||PKR 193,700||PKR 2,350|
|Gujrat||PKR 193,700||PKR 2,350|
|Nawabshah||PKR 193,700||PKR 2,350|
|Chakwal||PKR 193,700||PKR 2,350|
|Hyderabad||PKR 193,700||PKR 2,350|
|Nowshehra||PKR 193,700||PKR 2,350|
|Sargodha||PKR 193,700||PKR 2,350|
|Faisalabad||PKR 193,700||PKR 2,350|
|Mirpur||PKR 193,700||PKR 2,350|