Lahore: The Punjab government is planning to amend a 116-year-old law to help overseas Pakistanis sell property without legal complications, as reported on June 24. This significant amendment aims to address long-standing issues faced by Pakistanis living abroad who wish to engage in property transactions in Pakistan. Currently, under Section 31 of the Registration Act 1908, overseas Pakistanis are...
According to a news source on June 21, the Capital Development Authority (CDA) has revealed plans to build Islamabad's first Wildlife Safari Park. This new venture aims to provide an immersive wildlife experience while promoting conservation and education. According to the details, the Wildlife Safari Park will feature a jungle theme, complete with tree houses, close animal encounters, and a...
The Capital Punjab Development (CBD) Punjab recently held the bid opening for the Celestia IT Tower project in Lahore’s premier IT hub, CBD NSIT IT City, as reported in June. This event marks a significant step forward in the development of the city's technology infrastructure. Details indicate that sealed bids covering both technical and financial aspects were submitted by several top construction...
Karachi: On June 13, the Sindh Assembly passed the Sindh Urban Immovable Property Tax (Amendment) Bill 2024, which authorizes the provincial government to collect property tax from cantonment areas. Under this new bill, cantonment boards will continue to collect property taxes on behalf of the Sindh government, retaining two percent of the collected amount as service charges. This arrangement was...
Islamabad: The 2024-25 budget has introduced significant changes to the capital gains tax regime, particularly affecting real estate, as reported on June 13. These modifications are intended to streamline the tax framework and enhance revenue from property transactions. The government anticipates that these adjustments will increase tax revenue by more than PKR 60 billion. Beginning July 1, 2024, a...
Islamabad: The Pakistan Government, under directives from the International Monetary Fund (IMF), has announced plans to hike taxes on property transactions for both filers and non-filers. This move is part of a broader strategy to increase revenue and meet the fiscal targets set by the IMF. The new tax measures will be officially introduced in the upcoming budget announcement, aimed at raising the cost of...
This project has encountered significant hurdles, including administrative delays and payment issues to contractors, as reported on June 3. This development poses serious challenges to the timely completion of a project critical to improving Lahore’s infrastructure. According to news details, the Lahore Development Authority (LDA) still needs to green-light the updated cost estimate, which includes...