Karachi, November 29, 2024 – The Federal Board of Revenue (FBR) has announced an extension of tax exemptions for overseas Pakistanis involved in property transactions, reaffirming its commitment to facilitating expatriates. To streamline the process, the FBR has directed tax offices to ensure smooth implementation of these exemptions, particularly for sales and purchases of immovable properties by overseas Pakistanis holding a Pakistan Origin Card (POC) or a National Identity Card for Overseas Pakistanis (NICOP). According to the FBR, the exemptions are granted under Clause 111AC, introduced through the Finance Act, 2022, which amends the Income Tax Ordinance, 2001. This clause exempts non-resident individuals holding POC or NICOP from higher tax rates under Sections 236C and 236K, even if they are not listed on the Active Taxpayers List (ATL). To facilitate the process, the FBR is updating its IRIS tax system. Non-resident taxpayers wishing to claim these exemptions will need to upload their POC or NICOP details while creating their withholding tax challan under Sections 236C and 236K. Upon submission, a provisional Payment Slip ID (PSID) will be generated and forwarded to the Chief Commissioner Inland Revenue…