Karachi: Federal Board of Revenue (FBR) Commissioner Maqsood Jahangir has said that it is mandatory for Pakistanis drawing rental income from Dubai-based properties to declare its details to the board; even though this income would be taxed in the host country – a news source reported.
He expressed his views on the matter at a recent seminar held in Karachi to apprise citizens regarding the application guidelines of the Assets Declaration Ordinance (ADO) 2019.
He informed the participants that the Double Taxation Treaty between Pakistan and the United Arab Emirates (UAE) made it mandatory for Pakistanis, in possession of offshore properties, to pay taxes on rental income to the host government. Therefore, the rental income attained from properties owned by the Pakistanis resident in Dubai would be taxed by the UAE government.
Furthermore, he discussed the scope of the Assets Declaration Scheme (ADO); which, he said, happened to be the most comprehensive scheme of its scope to be implemented in the country. He added that the FBR planned to launch a crackdown against individuals who failed to avail this opportunity.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
