Islamabad, Dec 28: In a bid to boost foreign investment in the real estate sector, the Federal Board of Revenue (FBR) has exempted overseas Pakistanis from higher tax rates under Sections 236C and 236K, even if they are not on the Active Taxpayers List (ATL). This applies to non-residents holding Pakistan Origin Cards (POC) or National ID Cards for Overseas Pakistanis (NICOP).
To streamline the process, the FBR introduced a digital verification system through IRIS, requiring applicants to upload POC or NICOP details when generating their Computerized Payment Receipt (CPR). Verification is now completed within one business day, ensuring swift approvals through notifications via SMS and email.
The initiative, applicable across all tax offices, aims to simplify real estate investments for overseas Pakistanis while fostering economic growth and foreign investment in Pakistan.
