A delegation of Realtors demanded that the Government should make the Real Estate Regulatory Authority functional as soon as Possible while talking to the media. They also demanded to give Industry Status to Real Estate Sector.They also mentioned while talking to the media that its been 10 years now since the work started on making RERA operational but not finalized yet. The Realtors further explained that the Tax reduction had been announced specifically at federal level while the...

The Punjab Excise and Taxation Department is all set to offer Installment Facility to property tax payers. This decision is taken keeping in view the Coronavirus situation and its effects on the Country’s Economy. The PT1 notices to officiate the development, will be issued in two installments cycle.This decision was taken in a meeting in a high-level meeting that was chaired by Punjab Secretary Excise Ahmad Bilal. In this meeting it is also decided to Withdraw all the surcharge late payme...

The Paris Club Nations suspended the debt payments of Pakistan as a part of debt relief deal. According to G20, they agreed to freeze all the debt payments of poor countries to cope up with COVID 19.Pakistan recently had asked the G20 for debt relief with the commitment to avoid further non occasional loans. Pakistan owes about 20.7 Billion Dollars to the members of G20.

The cooperation between China and Pakistan regarding the development of China Pakistan Economic Corridor (CPEC) has begun as the first bulk cargo arrived at Gawadar Seaport. This bulk Cargo is carrying wheat and urea of Afghanistan transit trade according to a news resource. According to Minister of Railways Sheikh Rashid Ahmad, the government is working on ML 1 Project. This project is going to serve as an inexpensive transport for cargo and it will impact the 70% of Pakistan’s papula...

There was an important notice announced on 1st of june for all the stakeholders of capital smart city stakeholders by the developers “Future Developments Holding” FDH.According to the notice, all the ones whose bookings of plots and villas started on 1st of January are required to submit the due confirmation amount and the due installments before 6the of June. The notice also mentioned the buyers who have booked 3.5 marla plots or units in villa apartments that they have to deposit the con...

The federal Government is about to impose luxury tax on Large homes and farmhouses that are located in federal Capital. This Tax is expected to be ranging from PKR 100,000 to PKR 200,000 for houses and PKR 25 to PKR 80 per square feet for farmhouses.This tax will be recovered by Excise and Taxation Department. Furthermore, it has been decided that homes owned by widows will be exempted from the proposed luxury tax. The final decision on this matter is not yet taken if approved by the feder...

The Uzbek Government asked for Pakistan’s support in gaining access to Quadrilateral Traffic in Transit Agreement (QTTA). The Uzbek Government wants to obtain the utilization permission for Karachi and Gwadar ports for the purpose of trade.Uzbek Government Deputy Minister made a formal request to the advisor of Pakistan’s Prime minister in this regard. The QTTA is transit deal between Pakistan, China, Kazakhstan and Kyrgyzstan to promote trade between these countries. A road project under...

The Lahore Development Authority (LDA) is looking to sort out the approval process for new housing projects in city as soon as possible. They are also arranging a meeting in coming days to discuss more and make some amendments.It is said that there is going to be a 21-point Agenda which will be discussed in the coming meeting. In this meeting there will also be discussion about the current situation of coronavirus and its impact on LDA activities. There will also a report about ille...

The International Telecommunication Union (ITU) has ranked Pakistan as a 4th Generation Regulator(G4). Pakistan has become the first South Asian country with G4. Pakistan has scored 88 out of 100 as a report issued by ITU ‘Global ICT Regulatory Outlook 2020(GIRO)’.There are total 38 countries in Asia in which only 8 percent have managed to achieve such status and now Pakistan is one of them having the global ranking of 48. This report is developed by the data collected from 193 countries f...

The Government of Punjab has announced that the construction related departments will be re-opened and it is reported that this decision is made by Major Azam Suleman Khan. The reason stated behind this decision is to facilitate map approvals and other services. The offices related to record of rights and property transfer will also be opened. It is also said that the offices could be opened for about 4 to 5 hours a day. 

The G20 Countries have announced their decision to include Pakistan in the group of countries that are going to be offered Debt Relief on all kind of interest and principle payments to official bilateral creditors.This decision was taken in a meeting of G20 Countries that was held at Riyadh. This meeting was held as a result of IMF and World Bank’s appeal about the extension of debt relief to the countries who are suffering economically and let them fight this global epidemic COVID19 using...

As the lockdown on the construction sector is about to lift up by the government so it is expected that new rates for construction materials will be announced on April 15.Read: Government is abolishing all the withholding taxes on Building MaterialsPrime Minister Imran Khan took the initiative of lifting the ban from the construction sector of the country to boost construction activities in the country. The prices have already started to fluctuate.Read: Prime Minister has announced a histori...

PM Imran Khan has just announced a relief package for the country’s construction sector as The Government is taking the decision to abolish all the withholding taxes on building materials which includes cement and steel. In addition, the City’s deputy commissioner has notified a 4% reduction in stamp duty on property transactions. As a result of these flexibilities made in the real estate sector, the sale/purchase activity has spiked.Read: Historic relief for the Construction Sector...

Prime Minister Imran Khan has announced a historic relief to the construction sector of the country and decided to open the construction sector from 14th of April to facilitate the labour.Details of the incentive package announced for the construction sector:·        No Questions will be asked about the source of income from the investor who will invest in the construction sector this year.·        A fix tax regime will...

Federal Secretary for information Technology and Telecommunication Shoaib Ahmad addressed to the media that the Government has decided to set up a local Information Technology Sector under the China Pakistan Economic Corridor (CPEC). The summery is expected to be moved before the Federal Cabinet for approval in about month regarding this IT sector which will be formed of Pak-China Joint IT Working Group. Pakistan and China both are looking forward to extend the mutual cooperation fo...

Prime Minister Imran Khan addressed to media and talked about the completion of China Pakistan Economic Corridor as soon as possible so that we can avoid the cost further escalation.   Prime Minister Imran khan also mentioned that these projects are essential for the growth of our country’s economy as these projects provide more job opportunities. Some other projects were also discussed in this meeting with Prime Minister lie Karot Hydropower project, Power project in Thar and Gawa...

Real Estate stakeholders have asked the government to reduce the taxes on property transactions through budget 2019-20. Which will offset the ongoing pandemic caused by COVID-19 in real estate sector of the country.The negotiation on this request from stakeholders are under process between federal government and federal board of revenue (FBR). For a plot sold within 8 years of its purchase the CGT (Capital Gains Tax) is 20% so the realtors have suggested that the duration must be red...

Thailand consul General announced that his country and Pakistan would organize meetings of the joint economic commission which will enhance the economic relations.He also suggested that both countries would also conduct political consultations at secretary level. He addressed a business community at Faisalabad chamber of commerce and industry (FCCI) and expressed his satisfaction towards economic, diplomatic and political relations of Thailand and Pakistan. He also mentioned that Pa...

Federal Minister for planning and development, Asad Umar has recently conducted a meeting with British Government and asked them to invest in CPEC and explore more opportunities in other sectors of the country’s economy. The British High Commissioner Dr Christian Turner conducted this meeting with Asad Umar and highlighted the importance of direct investment in CPEC, in fact it is an investment in the special economic zones. In this meeting the bot personals discussed the cooperation betwe...

Usman Buzdar, Chief Minister of Punjab has recently briefed about the water reservoirs that they must be developed in the Lahore city to preserve rain water so it can be used effectively in future. He also said that the Punjab government will also establish surface water treatment plants to effectively use water and to reinforce the underground water table.He has also called a meeting in his office to further discuss the situation and to listen new proposals in this regard. He briefed in is...