A Cabinet Committee has been formed for the Gwadar Port, which will visit Gwadar after the budget and will make sure that the port should be operational as soon as possible, Minister for Kashmir Affairs and Ports & Shipping Qamar Zaman Kaira stated this during a visit to Port Qasim Authority.
"Gwadar Port is ready but the roads and railway links have not been developed, which is a major issue in the operation of the port."
On handing over the Gwadar Port to the locals, he said that ports are always part of federal government.
The Federal Board of Revenue in Pakistan is exploring possibility to impose 30-35 per cent tax on purchase/sale of property within a period of three years in coming budget, an English daily reported.
At present, the property owners are not filing income tax returns. According to sources, a new proposal is under consideration to tax property where purchase and sale takes place within three years period.
However, the exact amount of the levy has yet not been finalised, but it could be ranging between 30-35 per cent of the value of transaction.
Under section 114 of the Income Tax Ordinance 2001, following persons are required to furnish a return of income for a tax year: Every company; every person (other than a company) whose taxable income for the year exceeds the maximum amount that is not chargeable to tax; any non-profit organisation; any welfare institution that owns immovable property with a land area of 250 square yards or more or owns any flat located in areas falling within the municipal limits existing immediately before the commencement of local government laws in the provinces; or areas in a cantonment; or the Islamabad Capital Territory.
Every non-profit organisation including those established for religious, educational, charitable, welfare or development purposes and for the promotion of amateur sports are liable to file income tax returns.