The Federal Board of Revenue (FBR) has set an ambitious revenue collection target of PKR 12.97 trillion for the fiscal year 2024-25. In a recent meeting chaired by Finance Minister Muhammad Aurangzeb, the FBR outlined its strategy to achieve this milestone through digitization, operational reforms, and advanced data analytics.Key Highlights of the Strategy·      Digitization and Automation: The FBR plans to implement advanced data analytics and automate tax proce...

The Khyber Pakhtunkhwa (KP) government has officially launched the Interest-Free Ehsaas Loan Scheme, a groundbreaking initiative to support small businesses and individuals aspiring to build homes. This program is part of the government’s ongoing efforts to foster economic growth, create new business opportunities, and alleviate poverty across the province. Details of the Ehsaas Loan SchemeA detailed review meeting regarding the scheme was recently held at the Civil Secretariat, chaire...

The Central Business District (CBD) Punjab has launched "Axis," a premium 20-kanal retail space in Lahore’s Quaid District, as announced on their official Facebook page on October 25, 2024. This high-traffic location is ideal for businesses aiming for enhanced brand visibility and customer reach in Lahore’s rapidly growing commercial sector.With a 1:6 Floor Area Ratio (FAR), Axis is designed to support large-scale business operations. Priced at PKR 32 crore per kanal, it reflects Lahore’s ongoin...

On October 15, it was reported that Modern Ceramics Sanitary Ware (Pvt) Limited, a leading Chinese company, plans to invest over PKR 8 billion in Punjab's industrial sector. This significant investment was confirmed during a meeting between the company's delegation and key officials from the Punjab Board of Investment and Trade (PBIT) held at the PBIT headquarters.The meeting, attended by PBIT Chairman Muntaha Ashraf, CEO Suhail Saleem, and Board Member Ahmad Ali Tariq, focused on finalizi...

Islamabad, October 4 – The Capital Development Authority (CDA) has wrapped up its three-day auction of 13 prime commercial plots, raising an impressive PKR 16.641 billion, according to recent reports. The event, held at the prestigious Gandhara Citizen Club, witnessed strong investor interest, culminating in a successful final day with the sale of 7 commercial plots, generating PKR 4.206 billion alone.CDA Chairman Muhammad Ali Randhawa visited the auction site on the last day to address in...

In a recent move by the Federal Board of Revenue (FBR), the category of non-filers is set to be eliminated as part of a new initiative aimed at improving tax compliance in Pakistan, according to a news update from September 25. These changes are expected to significantly impact the real estate market and other sectors.The FBR, in collaboration with the law ministry, is working on drafting an ordinance to implement these reforms. Under the new regulations, five major restrictions will be im...

The Punjab government is exploring the introduction of a new property tax targeting residential properties measuring 5 Marla and above, as reported on September 3.According to sources, the Punjab Excise and Taxation Department has been tasked with compiling a comprehensive list of all residential properties in the province by October 2024. The proposed tax will be applied to houses sized 5 marlas or larger, with the tax rate based on the property's assessed value. Homes valued above PKR 50...

The Lahore Development Authority (LDA) has made a significant stride in modernizing its operations by launching an online system for the submission and approval of residential building plans. This initiative, reported on August 16, is part of LDA's continuous efforts to enhance citizen services and streamline urban development processes.As of now, the LDA Citizen Facilitation Centre, also known as the One Window Cell, is accepting residential building plans through its newly launched onlin...

In a significant move to bolster foreign investment and enhance US-Pakistan relations, Pakistani Ambassador to the US, Rizwan Saeed Sheikh, visited the Central Business District (CBD) Punjab. Accompanied by prominent business figure Tahir Javed, the delegation was warmly received by the CEO of CBD Punjab, Imran Amin.The delegation was provided with a comprehensive briefing on the ongoing and planned projects under the CBD Punjab initiative. Key officials, including COO CBD Punjab Brigadier...

In a significant milestone for urban development, the Central Business District Punjab (CBD Punjab) officially handed over possession of Plot #4 and Plot #5 in Lahore Prime CBD Punjab Quaid District to the Pakistan Consortium Company Fund (PCC). The ceremony, reported on July 8, marked a pivotal moment in the region's development.The event saw the presence of prominent PCC members, including CEO Imran Amin and Chairman Barrister Syed Azfar Ali Nasir. CEO Imran Amin highlighted the strategi...

The Punjab Assembly has approved the budget for the financial year 2024-25, offering significant benefits for property owners. One of the key highlights is the exemption of residential properties valued up to PKR 5 million from property tax, effective from July 1 onwards.Presented by Provincial Finance Minister Mian Mujtaba Shuja ur Rehman and presided over by Speaker Malik Muhammad Ahmad Khan, the budget was passed alongside the Finance Bill. This is the first annual budget for the curren...

In a landmark decision, the Punjab Assembly has passed the budget for the fiscal year 2024-25, ushering in significant changes for property owners across the province. Effective July 1, residential properties valued up to PKR 5 million will be exempt from property tax.Chaired by Speaker Malik Muhammad Ahmad Khan, the session saw Provincial Finance Minister Mian Mujtaba Shuja ur Rehman present the Finance Bill, which outlines these pivotal adjustments. Under this new framework, commercial p...

Punjab Chief Minister Maryam Nawaz has given the go-ahead for a significant development initiative in Lahore, according to recent reports dated June 2. In the project's first phase, development will commence across six zones in Lahore over the next ten months, with an estimated budget exceeding 74 billion rupees. Additionally, CM Maryam Nawaz inaugurated the Nawaz Sharif Information Technology (IT) City project, which spans 853 acres and will benefit from a ten-year tax exemption. This...

The 'Maryam Ki Dastak' initiative, launched by Punjab’s Finance Secretary, Mujahid Sherdil, is set to revolutionize public service delivery by bringing essential government services directly to citizens' doorsteps. As reported on May 17, this initiative ensures that facilitators will assist citizens with completing forms, processing payments, and ensuring prompt delivery of documents.Interested individuals can register through the 'Dastak Facilitator Mobile App' and must meet specific crit...

In a recent development set to reshape Islamabad's real estate landscape, the Federal Board of Revenue (FBR) has announced plans to roll out updated property values, marking a significant shift after a two-year hiatus since the last valuation in March 2022. This update, scheduled to take effect in July, is part of a broader initiative aimed at bringing new housing societies into the tax net. The initiative underscores the FBR's commitment to enhancing transparency and accountability wit...

Public Auction for commercial plots in Johar Town by LDALahore Development Authority (LDA) plans to hold a public auction for the commercial plots in Finance and Trade Central, Johar Town, Lahore’s business district.This auction will be held on 15th May 2024, at 10:00 AM. This auction includes commercial plots, public utility sites, and educational and Vegetable market plots. The initial price of these plots is set at 90 lacs PKR, a great opportunity for investors to participate and...

The Capital Development Authority (CDA) announced to establish the largest IT Park in Pakistan by partnering up with the private and government sectors. After the approval from the CDA Board, 3.3 acres of land in sector G10 has been chosen for the development of this IT Park. This IT Park will be one of its kind in Pakistan. This IT park will cover a total area of 100,00 square feet which will eventually provide workspace for more than 5000 freelancers and tech enthusiasts simultaneously.T...

Punjab Chief Minister Maryam Nawaz has announced the launch of a property transfer service to protect overseas Pakistanis from potential fraud. Chief Minister Maryam Nawaz announced this initiative during a special meeting with the Punjab Board of Revenue. This service will offer e-filing, land registration facility, and mutation facility to overseas Pakistanis especially those residing in the US, UK, KSA, and other Gulf countries. She also directed the officials of this initiative to a...

LDA extends its Jurisdiction to Kasur, Sheikhupura and NankanaThe government of Punjab has issued directives to the officials of Kasur, Sheikhupura, and Nankana Sahib with an instruction to transfer records of concerned private housing societies to the Lahore Development Authority (LDA).LDA has regained its authority to approve private housing projects and land use conversion cases. The Government has authorized the LDA to resume its operations related to the land use and approval of priva...

KPK introduced a New Centralized Property Tax Management SystemKPK Government has introduced a Geographical Information System (GIS) based centralized urban immovable property tax management and information system called (CUIPTIMIS) to modernize the whole property tax system across the Khyber Pakhtunkhwa (KP).As per the sources, a launch event was arranged at the Chief Minister’s House in Peshawar where many notable personalities were present including KP Chief Minister as Chief Guest. Thi...