The Asian Development Bank (ADB) has emphasized the importance of reforming Pakistan's real estate tax policies and revisiting the current tax exemptions that benefit the sector. In an August 20 report, the ADB suggested that the tax exemptions granted for open plots should be reconsidered after six years. This would allow the government to reassess the impact of these exemptions and ensure they align with...
Islamabad: The China State Construction Engineering Company (CSCEC) has shown strong interest in investing in several major infrastructural development projects in Islamabad. This was reported on August 19, following a visit by a high-level delegation from CSCEC to the Capital Development Authority (CDA) headquarters. The delegation's visit was focused on exploring opportunities for investment in five...
Islamabad: The Federal Board of Revenue (FBR)'s recent attempt to impose penalties on a newly introduced "Late Filers" category has sparked significant legal debate. According to news sources, this initiative, which was introduced through the Finance Act 2024, is currently under scrutiny, with many tax experts questioning its legality, particularly its retrospective application. The "Late Filers"...
Lahore: The Central Business District (CBD) Punjab has announced an exciting new initiative, inviting universities to establish their campuses within the University District of the innovative NSIT City. This announcement was made on their official Facebook page on August 18 and marks a significant opportunity for educational institutions to expand their presence in a rapidly developing area. The...
Three of the most notable cricket venues in the nation, Gaddafi Stadium in Lahore, National Stadium in Karachi, and Rawalpindi Stadium, are set to undergo major renovations according to a project announced by the Pakistan Cricket Board (PCB). This significant initiative received final approval from Chairman Mohsin Naqvi, who confirmed the plans on August 16. The primary objective of this project is to...
The Lahore Development Authority (LDA) has taken a major leap towards modernization by introducing an online system for the submission and approval of residential building plans. This new initiative, announced on August 16, is a key component of LDA’s efforts to enhance citizen services and streamline urban development. With this digital transformation, the LDA Citizen Facilitation Centre, commonly...
G-10 is another prominent sector in Islamabad, known for its strategic location and diverse community. The sector is a well-established area, offering a mix of residential and commercial properties. G-10 is surrounded by other key sectors of Islamabad, making it a central and accessible location within the city. Postal Code for G-10 The postal code for G-10 in Islamabad is 44100. This code is essential...
The Oil and Gas Development Company Limited (OGDCL) has commenced commercial production of tight gas from its Nur West Well-1, located in the Sujawal district of Sindh. This development, reported on August 13, marks a significant step in harnessing Pakistan’s unconventional gas resources. Tight gas is a type of natural gas trapped within rock formations that are difficult to extract, requiring advanced...
Islamabad: The Federal Board of Revenue (FBR) has achieved an impressive milestone by exceeding its revenue target for the first month of the 2024-25 fiscal year. In July 2024, the FBR successfully collected a total of PKR 659.2 billion, surpassing the set target of PKR 656 billion. This achievement is noteworthy, especially considering that it was accomplished even after the issuance of PKR 77.9 billion...