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Govt plans to clean trillions in black money within real estate sector

Hamza Rao 04:26 PM | 22 Jul, 2016
Govt plans to clean trillions in black money within real estate sector
ISLAMABAD -  The federal government on Thursday decided to offer the biggest ever tax amnesty scheme in the country’s history, in the hopes of whitewashing a whopping Rs. 7 trillion of untaxed, black money stocked in real estate.

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.

Hamza Rao
Hamza Rao

Hamza Rao is a member of the staff at Daily Pakistan. He can be reached at raohamzafree@gmail.com. He tweets at @HamzaRaoxxx

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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)

Currency Symbol Buying Selling
US Dollar ‎USD 276.9 280.15
Euro EUR 294.7 297.7
UK Pound Sterling GBP 331 334.2
U.A.E Dirham AED 75.3 76
Saudi Riyal SAR 73.2 73.9
Australian Dollar AUD 191.3 193.7
Bahrain Dinar BHD 732.35 740.35
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2 2.16
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 173.63 175.63
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.53 723.57
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 298.06 300.56
Thai Bhat THB 8.25 8.4

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.

City Gold Silver
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

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