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UAE Firm Plans to Invest $3 Billion in Pakistan –With Focus On Real Estate Sector

April 26, 2018 (BE2C2) — One of the Royal Group Companies of UAE’s Sheikh Saeed Bin Khalifa Al Nahyan, has reportedly shown interest in investing $3 billion in different sectors of Pakistan’s growing economy, with focus on its several hundred billion dollars worth real estate market. Louai Mohammed Ali, chairman of the UAE-based BMS International Commercial Investment, made the commitment to invest in Pakistan’s real estate development, agriculture and fisheries, energy, hospitality and leisure, healthcare and education sectors, the Gulf Today reports. Last week, State-owned Chinese construction company China CivilRead More


Govt Mulls Taxing Foreign Remittances Exceeding US$100,000

(BE2C2) — The Pakistan government is considering imposing tax on foreign remittances exceeding $100,000 a year to plug a hole being used for whitening black money in the country. Under Section 111(4)(a) of the Income Tax Ordinance, the government cannot ask the source of foreign remittance. The Federal Bureau of Revenue (FBR) and the Supreme Court-constituted first three-member committee was of the view that Section 111 is used to whiten illegally-obtained money from Pakistan by declaring the funds to be foreign remittances. Promulgating a presidential ordinance to tax remittances exceedingRead More


Property Black Hole of Pakistan Economy

IN an exercise to ascertain the amount of money pouring into Islamabad’s real estate sector, the Federal Board of Revenue has discovered the astonishingly high figure of approximately Rs100bn over three years, at DC rates. This is the official declared rate at which property transactions are disclosed, and as most people already know, the real amount is far higher. It is difficult to put a figure on what the real amount could be, but it is not unrealistic to estimate that it would be as much as four times theRead More