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Why we should become a filer in Pakistan

Why we should become a filer in Pakistan

The percentage of people who are familiar with the concept of tax filing in Pakistan is significantly low. In recent years, governments in power have tried to introduce various incentives to encourage people to become filers. To better understand why you should become a filer, this blog summarizes the benefits of being a filer. Taxation is the backbone of the economy, and with the efforts being made to formalize the economic and property tax system, it will be extremely beneficial to tax inspectors over time. Bank Savings: The government has introduced a withholding tax on cash withdrawals of more than Rs. 50,000, but the withholding tax rates for applicants and non-applicants are different. A non-submitter is subject to a withholding tax rate of 0.6% on cash payments, compared to 0.3% for a contributor. So for cash withdrawal of Rs. 100,000, a filer would be subject to withholding tax from Rs. 300 against Rs. 600 for a non-filer. In addition, the applicant can easily adjust this tax deduction to his other tax liabilities such as payroll tax. The filer effectively pays no tax on cash withdrawals, but a non-filer. Sell and Purchase of Vehicles & Property: Only a filer can buy real estate worth more than Rs. 5,000,000. Only a filer can buy a new or imported car. A non-filer pays 50% or more of the annual token tax and vehicle registration tax. The real estate transfer tax for non-applicants is 2% compared to 1% for applicants. Other benefits: It's clear that a company that pays taxes can bring many business benefits: First of all, your customers and other companies know that you are a credible business that you need to do business with and companies that submit taxes as a non-submitting. Only a taxpayer can get government contracts or participate in government auctions - even with foreign governments, companies, and companies. Likewise, only a taxable company can become a member of one of the Chambers of Commerce and Industry and have access to the benefits they offer.

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Real estate investment mistakes that can cause you to lose money

Real estate investment mistakes that can cause you to lose money

If you only read about real estate investments, it seems so easy - passive income, property appreciation and more. What is not to like? In reality, being a landlord is not a rosy picture. It is hard work that takes your time and requires the utmost effort, research, and regulatory planning to understand the core of the business. If you rent the property in advance, without knowing the trends in the real estate market, you may lose money instead of earning with your real estate business. All it takes are some wrong business moves and lack of experience in this area! You are ready to lose thousands on your rental property. The truth is that nobody wants to lose money. Surprisingly, anyone can understand the Pakistani real estate market analysis; you do not need a special degree to be an expert. Here are some common mistakes that should be avoided when getting in to the real estate business. Looking for a house instead of a rental property: Buying an investment property (which you rent in advance) is different from buying a home in which you want to live. It is not the goal to find a nice house on the block in a beautiful location. Remember that you are not looking for a house to live in, but something that an average family would like to rent. The same applies to the purchase of an older property. Long-term increase in value: The biggest advantage of real estate investments is that property owners can get back investments and profits in a variety of ways. First, in the form of monthly rental income and second by increasing the value of the asset. Landlords, however, usually make mistakes by placing too much emphasis on the latter. In any case, capital appreciation is a big bonus when a property is sold, but investment property should be paid on a monthly basis immediately after the owner has bought it. If this is not possible, it is not an ideal investment property. Invest with a Partner: Initially, the idea of buying a property with a friend or family member is exciting and overwhelming at the same time. Sometimes you just need extra capital to avoid mortgage payments, but sometimes you just want to split the risk of loss. However, experts assume that it is a mistake to enter into an investment partnership unless your partner is someone with whom you are legally married. Remember, if you cannot afford a deposit, you are not ready for an investment. However, if you are still willing to invest in a partner, it should be well-defined and accurately describe the roles and responsibilities of all parties involved.

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Step by step guide on selling property in Pakistan

Step by step guide on selling property in Pakistan

There is no doubt that buying and selling real estate is one of the most lucrative businesses in Pakistan. Buying and selling real estate requires some really careful and wise decisions. Every country in the world has its own rules and procedures for buying, selling and renting real estate. For this reason, every person who buys or sells a property must know all the legal requirements in order to be sure and achieve the desired result. It may be easier than buying, but it is certainly not an easy task. In this post, we cover everything you need to know about selling property in Pakistan. Finding Real Estate Consultant: It sounds very convenient and charming for most people to sell and buy privately and save the high commissions they have to pay the adviser, but wise people never do. You hire an experienced and certified real estate consultant who handles most of the process. Best online portals such as jagahonline.com provide a list of renowned real estate consultants in Pakistan. Commission of an Agent: Agents work on a commission basis, which is usually one percent. Sometimes they are closed, but that is rare. In any case, you should sit down with the agent and set the percentage of the commission and the time of payment in advance. Token Money: There are several phases of selling your home. Once you have found the right buyer, he must give you a bill. This is an amount that shows the purchase intent of the buyer. In a way, it also reserves ownership for the payer. After paying the voucher, you can send a photocopy of the original property documents to the prospective buyer for review. Initial Deposit: When selling property in Pakistan, remember that you have to pay the down payment. Once the documents have been reviewed, the buyer pays a certain amount of money as a first deposit, commonly known as a token (Bayana). The deposit is usually 25% of the sale price of the property. At this stage, the stamp paper will also be signed by mutual agreement. The stamp paper indicates the period in which the buyer pays the balance, and penalties are also set if he does not. Legal Formalities: The legal formalities are crucial and must be handled carefully. The main legal formalities in the purchase and sale of real estate include: TAXES: As a real estate salesman, you should know all about property taxes in Pakistan. Sellers are required to pay the CGT (Capital Gain Tax), which is 1% of the property value for the tax filer and 2% for the non-filer. The CGT is applied to real estate that is sold within two years from the date of purchase. This tax payment must be submitted to the Office of the Housing Corporation or the Land Development Authority. Stamp Paper: The stamp paper must be filled with all details about the property. The value of the stamp paper depends on the value of the purchased or sold items. The value of the stamp paper for each type of property is in line with government standards and cannot be changed. Transfer: The transfer process takes place in the office of the city authority for land development. For projects owned by private and registered developers, the transfer takes place in their office. The payment must be made in a safe place, preferably within the bank, to ensure no adverse activity. Upon payment of the Settlement Amount to the Seller, the rights of use, retention and sale pass to the Buyer. In fact, a new set of documents is created for the benefit of the buyer. Statement of sale to Registrar: After payment and transfer of ownership, both parties (buyers and sellers) visit the local registrar, where both parties declare in the presence of all the witnesses that the purchase and sale have taken place by mutual agreement. This is followed by the registrar's instruction to the local land registry officer to make changes to the property and transfer the ownership from one party to another.

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Things to keep in mind when investing in Commercial Real Estate

Things to keep in mind when investing in Commercial Real Estate

According to real estate experts, there is no better way to invest your money than buying a commercial property with potential. Since the Pakistani real estate sector has been considered the most lucrative sector in Pakistan for many decades, we usually find that most business magnates and financially healthy people invest in real estate rather than letting their money in banks. Experts accompany both newcomers and experienced real estate capitalists with regard to the areas of Pakistan, which in 2020 will prove to be the safest choice. Before you park your hard-earned money, you must also be aware of the cities with the highest real potential in the real estate sector. If you are looking for tips on safe and lucrative real estate investment in Pakistan, here are some important things to keep in mind: Perform a proper price analysis: After finding that the location of the commercial property you want to buy is just right for your investment, you need to do a thorough analysis of the offer price. Before you agree on a price for commercial property or commercial building, you should give an overview of the neighboring properties in the area and know their prices. You should also consult more than a few real estate agents in this area and ask them to rate the price of the potential property to ensure that you are not paying more than the actual value. You will also need to conduct an online survey on real estate portals such as JagahOnline.com to determine property prices in the preferred area. The location plays the main role: The question is how to find the most suitable place. To do so, you must consider a number of factors, such as the socio-economic class of the area, the current and projected population density, the existing business activities in the area and its surroundings, and much more. A complete site analysis helps you to better understand the outcome of the commercial property you plan to buy. Approximation of rental Income: You may not plan to rent your property in the near future, but you will think about it very soon. There is no better idea to use your property than to rent it. It not only gives you a permanent monthly income, but the original value of the property also increases with time. Therefore, before investing in commercial land or buildings, you should look at the average rentals of nearby properties. To get an idea of ??the usual rentals in this area, it is better to consult local real estate agents and conduct online surveys.

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Top 10 Famous Places and Unique Spots in Karachi

Top 10 Famous Places and Unique Spots in Karachi

Karachi is a big noisy city, but its offers are never boring for those who wish to spend a special evening.Karachi is a huge city with millions of inhabitants. The streets are congested and driving is more stressful than giving exams. Spread over 3,780 km², it bears the title of one of the largest cities in the world. Karachi has the best places to have fun, eat and just relax. Here's a list of places that you can visit in Karachi this weekend with your friends, family or relatives. Do Darya (Sea View Rd, D.H.A. Phase 8, Karachi): Do Darya is a pristine place to eat at the top of a creek. It is a line of outdoor restaurants that overlook a beautiful cove. Going there during the winters is particularly fun because the seagulls make a dance on the cove that is both captivating and fascinating. The best restaurants on my list are Kolachi and Kebabjees. Arena (Karsaz Road, Karachi): The arena is Karachi's one-stop shop for a host of fun activities indoors, such as skating, rock climbing, bowling, arcade games, miniature golf and billiards / snooker. There are several dining options available at the coffee shop to ease the hunger pangs that may come after a rigorous rock climbing and skating session. Port Grand (Port Grand, Road Opposite PNSC building, Karachi): Karachi has a vast shoreline and it is imperative to make the most of it. If nighttime swimming under the full moon at noon is a little too wild, you may be able to explore the waters with a boat trip from Port Grand.The harbor offers a boat ride around the mangroves that line the Karachi coast, a fast featured boat ride and a floating party deck when you have something special to celebrate. There is also an art avenue on this center facing the sea, where various works of art are exhibited in an indoor and outdoor gallery. There is also a night bazaar and many weekend attractions such as magic shows, music and dance shows and fire shows. Seaview (Sea View Rd, Karachi): The Karachiites do not need to look further for simple and innocent entertainment than Seaview, aka Clifton Beach. The long shore of the beach is a sight to behold, like no other during sunsets, because the sky is painted in shades of yellow, orange, pink and purple under the magical view of the sun getting lost in the sea. Saudi. In addition to the majestic view, there are activities such as horse and camel rides, buggy rides and illuminated plastic kites. Churna Island (near Mubarak Goth, Kiamari Town, Karachi): The island of Churna is located 6 to 7 km from Karachi in the Arabian Sea, it is an island of 1.5 km². You can enjoy many activities on this island, including cliff jumping, scuba diving, snorkelling, jet skiing and much more. So, if you are an adrenaline junkie, Churna Island is one of the best places for you. In addition to the water sports available in the area, the Pakistani Navy uses the island as a shooting range, which is also very fun. Bounce (Ocean Mall? Khayaban-e-Iqbal Underpass, Karachi): Located inside the Ocean Mall, you'll find a nervous trampoline park that will leave you laughing and captivating all the hormones of happiness. You will experience a night of joy here as you defy gravity and rise into the air. They have a free jumping arena, a foam pit and an exciting basketball court. The rebound is a place where pleasure and fitness coincide, the jump being supposed to create a lot of muscle movements in the body. Then you can enjoy delicious meals in some of the best restaurants in the mall. Mazar-e-Quaid (M. A. Jinnah Road, Karachi): Quaid-e-Azam was the title given to Muhammad Ali Jinnah, founder of Pakistan. It is he who liberated the Pakistanis from the British and this museum is Karachi's house with an esteemed personality. The house was originally purchased in 1943 and inhabited by the Quaid himself and his sister. Although the Quaid died in 1948 (RIP), his sister stayed in the house after his death, until his departure in 1964. The museum was created for the public in 1985 and can be seen in his living room, his room to sleep, its cloakroom, library and all the original painting and architecture of this era. This is a real timepiece kept over the years. The National Museum of Pakistan (Shahrah-e-Kemal Ataturk, Saddar, Karachi): The National Museum houses rare paintings, relics, sculptures and models that represent Pakistani culture and the times of the past. The museum has 11 galleries containing objects from the civilization of the Indus Valley until recently. He also has some ancient writings of the Qur'an. If you are crazy about history, the National Museum of Pakistan is for you. PAF Museum (PAF Faisal Air Base? Shahrah-e-Faisal Road, Karachi): The PAF museum is a museum of the air force. More than 30 planes are on display, including an Indian Gnat captured by the Pakistani forces in 1965. The Pakistani war heroes are recognized in many exhibitions. You will also see a number of old fighter jets and other antique planes. Engine parts are also exposed, allowing you to see how it all works. There is even a dedicated playground for young children, making it a destination for all ages. Mohatta Palace Museum (Block 5 Old Clifton, Karachi): The Mohatta Palace Museum, built in the posh seaside town of Clifton, offers a wide range of activities. Upon entering the palace, you will first notice the beautifully colored windows on the outside, a stone wall, an arch and minarets; a breathtaking view of the architectural splendor. You can easily get lost in the beauty of this superior construction and in the quality of the materials used.

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Important of IHRAM and from where you can buy

Important of IHRAM and from where you can buy

The Hajj has great importance in Islam and ihram is one of the requirements of Hajj. Ihram is special clothing for Hajj. It has a white color and every Muslim man must wear it from Miqat, which is intended for all Hajj pilgrims traveling from different countries including Pakistan. Ihram is the same for all Muslims, regardless of their financial situation, race, skin color, country of origin and language. COLOR AND WARDROBE OF IHRAM: This color also helps to avoid getting attention and looking like an ordinary man or woman. If there were no Ihram, people would wear different kinds of fabrics and colors, which would mean several colors and distract the worshipers' attention. It would also make them stand out or attract attention if they were wearing different kinds of clothes depending on their culture, country, etc. BENEFITS OF IHRAM: Rich or poor, prince or employee, billionaire or small business owner, all wear the same dress. In this way, people feel, among other things without inferiority or superiority complex more comfortable and equal. It also shows that Allah does not appreciate the wealth of Muslims. Everyone is equal to Allah Almighty, except those who are distinguished by goodness and have good intentions and actions. This fact is also stated in the Holy Qur'an that piety, not a race, skin color, money, etc., in the service of Muslims. Where you can buy Ihram? Hijab Al Hareem Darussalam Shop Rex

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Naya Pakistan Housing Scheme Project plan Karachi Islamabad Lahore

Naya Pakistan Housing Scheme Project plan Karachi Islamabad Lahore

Prime Minister Imran Khan launched the Naya Pakistan Housing Program at a ceremony in Islamabad. The large-scale program will help create many job opportunities and generate economic activity in the country. 1st Phase: In the first phase, 135,000 housing units will be built. In the initial phase of the project, 110,000 housing units will be built in Balochistan for Gwadar fishermen. 25,000 apartments will be built for government employees in the federal capital. Imran Khan said, "My first priority was health, education, and employment, and our vision is to build five million affordable homes in five years, and only ordinary people can benefit from this program." He also said that an ordinary man who can never think of owning his house is our target. And our second goal is to provide employment opportunities for our unemployed youth, "he said, adding that 40 industries were directly related to the housing project. Housing plan: Imran khan decided to launch this housing plan only to benefit our poor class. Many investors are interested. Imran Khan said, "From the beginning, I have a clear vision of Pakistan: it should become a welfare state, as envisaged by Quaid-e-Azam Muhammad Ali Jinnah." Vision: He urged the country to cheer up, saying the difficult situation would be resolved quickly. "The reforms we are undertaking will come into effect in six months. Pakistan is a rich country. It's a gift from God.

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LIST OF FAMOUS TALLEST BUILDINGS IN KARACHI

LIST OF FAMOUS TALLEST BUILDINGS IN KARACHI

Karachi is the financial capital of Pakistan. It accounts for a large part of Pakistan's tax revenue and has more than 25 million inhabitants. It is the second-largest city in the world by population. The city of Karachi seems to be growing faster than ever due to the increasing construction of multi-storey buildings. Each tall building, typically more than ten floorstall, was built for commercial or private use and is a wonderful addition to the city skyline. BAHRIA ICON TOWER: The highest elevation in the Karachi skyline is currently the Bahria Icon Tower. With 62 floors, the Bahria Icon Tower not only in the list of the tallest buildings in Karachi but also the whole country. The Bahria Icon Tower was built for both private and commercial use and has several floors intended for serviced office space. The remaining floors are for private use with serviced apartments. Construction of the Bahria Icon Tower began in 2012, and it will be some time before this project is completed. This towering skyscraper, with its unbelievably unique architecture visible from much of the city, is now considered one of Karachi's most significant landmarks. OCEAN TOWN KARACHI: The second tallest building in Pakistan is the Ocean Towers Karachi, formerly known as The Mall or Sofitel Hotel Plaza. The building is located near Clifton, the picturesque coastal area of ??the city of Karachi. The construction of this skyscraper started in 2007 and was completed in 2014. The project cost a total of 7 billion Pak rupees and is 120 meters high with a total of 30 floors. EMPRESS BUILDING MARKET: Empress Market was built in 1884-1889 at the height of the British Raj in the subcontinent and is named British Empress, Queen Victoria. The building now serves as a popular and busy marketplace for shopping, with goods ranging from fresh food to pets, textiles, and stationery. The location of the building was important at the time, as a series of native spays were ruthlessly killed here during the Indian mutiny of 1857 to prevent locals from participating in future uprisings. FRERE HALL: Frere Hall is a Victorian building with sprawling gardens that offers hundreds of people daily rest and relaxation. The building was completed in 1865 and originally built as the city hall of Karachi. Today it is a first-class showroom, art gallery, and library. The design of Frere Hall is mainly Venetian-Gothic with some British and local design elements. The facade, which consists mainly of yellow limestone, has several pointed arches, ribbed vaults, quatrefoil, and flying buttresses. Many walls are decorated with beautiful carvings and mosaics. MOHATTA PALACE: Mohatta Palace is one of the main destinations in Karachi, even if you only visit the city for one day. The Rajasthani design of the building was commissioned in 1927 by the Hindu prince ShivratanChandraratanMohatta, who built it as a summer house. The building used yellow Gizri and pink Jaipur stones that were loved by the then architects as a quality standard. Today, the magnificent structure serves as a museum and art gallery after the prince abandoned it when he moved to India during the historic partition. MCB TOWER: Being a hub of head offices, II Chundrigar Road was awarded another one of the tallest buildings in Karachi, known as the MCB Tower, in the year 2005. Muslim Commercial Bank, abbreviated as MCB, is headquartered in this building. The completion of this 29 floors high structure along with three basement floors took a time span of over three years. MCB Towers took skyline of Karachi to new heights from where there was no coming back. It enjoyed the status of being the tallest building in Karachi for a few years before the construction of Ocean Tower near Do Talwar. HABIB BANK PLAZA: The very first and most important entry in the list of tallest buildings in Karachi is the Habib Bank Plaza. There was a time when Karachiites visited II Chundrigar Road to take a look at Habib Bank Plaza. It was the first skyscraper in Karachi, which counted over 20 floors. Built in 1963, Habib Bank Plaza has remained the tallest building in Pakistan for over 40 years, still serving as the headquarters of Habib Bank. The title of the tallest skyscraper in Karachi, however, was deleted from another tall structure, the MCB Tower, built in the mid-2000s. DOLMEN TOWERS CLIFTON: Close to the Executive Tower, where the famous Dolmen Mall Clifton is located, there are some buildings under construction. These buildings, known as dolmen towers, are almost the same height and have the same number of floors. One thing that makes them pretty noticeable is that they park several floors above the ground. These buildings are located on the coast of Karachi, which is believed to be an ideal location for commercial activities. Upon completion, they should serve as office complexes.

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