ISLAMABAD: President Mamnoon Hussain will most probably sign an ordinance containing the agreed points between the FBR and property dealers.
According to a copy of the ordinance, named the Income Tax Amend Ord-II 2016, available with The News, the market rate of property will be ascertained every year with mutual consultation. If the property is purchased with black money, the tax will be levied as per Section 111 of the Income Tax Ord 2001. The ordinance will include the enabling provision for authorizing the FBR. Finance Minister Ishaq Dar will later present the bill in the National Assembly for discussion and approval.
The ordinance will bring billions of rupees revenue to the national exchequer and cut black money by 35 percent of GDP and will boost the formal economy by $120 billion (Rs12,500 billion) while the stock market index has already soared by 1,500 points. Finance minister Ishaq Dar and Revenue Advisor Haroon Akhtar have given the credit for the move to FBR Chairman Nisar Khan, FPCCI President Abdul Rauf Aalam and Developers and Builders Association President Ch Naseer Ahmad.
The meeting served as a platform for fostering collaboration and exchange between Punjab and the United States
The court also summoned the Sindh home secretary and the DIG investigation.
Passengers say that the hotels are also closed due to Eid holidays and they are worried about food
The captors demanded ransom for his safe release from his family
The Neelum Jhelum Hydel Power Station remained on full generation of 969 MW from March 28, 2024
The prime minister has assigned responsibilities of Secretary Finance to Special Secretary Finance