Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has issued instructions to Chief Commissioners of Inland Revenue (CCIRs) to expedite property transactions for overseas Pakistanis, ensuring that the verification and approval process is completed within a single business day. This initiative is part of the FBR’s continued efforts to streamline the process for overseas Pakistanis involved in real estate transactions, making it more efficient and accessible. This directive comes in response to the recent extension of tax exemptions for overseas Pakistanis engaging in property transactions. The FBR aims to make these exemptions more easily accessible and efficient, thus encouraging expatriates to invest in the Pakistani real estate market. The move is designed to facilitate property sales and purchases by overseas Pakistanis who hold a Pakistan Origin Card (POC) or a National Identity Card for Overseas Pakistanis (NICOP). The tax exemptions, introduced through the Finance Act of 2022 under Clause 111AC of the Income Tax Ordinance, 2001, provide relief to non-resident individuals by exempting them from higher tax rates under Sections 236C and 236K, even if they are not listed on the Active Taxpayers List (ATL). This provision is aimed at making property transactions smoother for overseas Pakistanis by eliminating additional tax burdens that would typically apply to non-residents. To streamline the process, the…