SIALKOT: The Federal Board of Revenue (FBR) is reviewing a proposal suggesting imposition of 15 to 20 percent tax on properties and assets of overseas Pakistanis.
Sources told Customs Today that the Tax Reforms Commission (TRC) has presented a report that overseas Pakistanis did not show their properties and assets in wealth statement, which they filed with income tax returns.
The TRC proposed that 15 to 20 percent tax should be imposed on properties and assets owned by overseas Pakistanis, the sources said.
The TRC has also said that 25 percent tax should be imposed on without name transactions to stop tax evasion. The FBR was currently reviewing the proposal but any decision in this regard had not been made so far, they added.
