Nomad Investors’ Post

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These proposed tax on Real Estate will only work, if Govt declares a war on large cash payments. Ban transfer of ownership unless payment is made in a documented way, like via a Bank RTGS, payorder, cheques. Right now, FBR values are well below market value. In developed countries, local city governments regularly appraise real estate valuations. FBR wealth statements of even retired civil servants, politicians show DHA Phase 8 plots worth 57,000,000+ under declared at PKR 400,000-PKR 1,000,000. Bulk of the payment is made via cash, with large note denominations (5K) facilitating tax evasion. This untaxed capital is lost to Hawala Hundi, purchase of foreign currency from the black market, gold, other tangible hard assets like jewelry studded Rolex.

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Binte Zafar

CA Finalist | Helping Businesses & Individuals Save on Taxes | Co-Founder TaxationPk

4mo

Your posts are a highlight of my LinkedIn feed. Thank you for your dedication to sharing valuable content!

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