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How Did PM Imran’s Income Tax Massively Increase After A Property Sale?

FOOLS_NIGHTMARE

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The latest tax directory for Parliamentarians released by Federal Board of Revenue (FBR) has sparked a controversy. Prime Minister Imran Khan paid a total of 9.85 million rupees in income tax for the tax year 2019. His income tax surged by a whopping 3389% during his first year in office, rising from 282,449 rupees, paid in 2018.

Analysis of FBR’s tax returns from 2018 reveals that that the PM was ranked 141st in the list of income tax paid by MNAs and Senators for tax year 2018. Whereas, he is ranked 9th in the same list of taxpayers for 2019.

This has left tax analysts and current affairs analysts perplexed. In a comment to BBC’s Tanveer Malik, Information Minister Fawad Chaudry has claimed that the massive rise in PM’s income tax resulted from a sale of property. A closer look at Pakistan’s tax laws raises important questions.

Taxable income in Pakistan is calculated under five different types of income, as follows:

  • Salary.
  • Property.
  • Business.
  • Capital gains.
  • Income from other sources, which includes income from dividends, royalties etc.
This means income tax is sum total of taxes paid on salary, property, business, capital gains and income from other sources.

Pakistan’s finance act 2018-2019, which was applicable for the tax year to 2019, clearly states that no capital gains tax will be levied on property or piece of land sold after being held for more than 3 years. To put it in context, for Imran Khan to have incurred capital gains tax, he must have sold a property which he bought in tax year 2016 or afterwards.

This raises two pertinent questions:

  1. A) What property/piece of land did Imran Khan acquire between 2016 and 2019
    B) which was then sold in tax year 2019 and C) resulted in such a high capital gains tax that led to a staggering rise in Prime Minister’s income tax return?
  2. If Fawad Chaudry’s statement about a property sold by Imran Khan is incorrect, what has resulted in higher income tax returns for the Prime Minister? In other words, if the higher income tax did not result from capital gains tax, then what led to increase?
Furthermore, a high level source from FBR corroborated with the above analysis. The sourced added that the PM has declared no such property or its sale. The source went on to add that all properties held for more than 3 years were exempt for capital gains tax per finance act 2018-2019.

An Election Commission of Pakistan (ECP) report on the PM’s immovable property and assets in 2020 showed that the total value of Prime Minister Imran Khan’s assets stood at Rs80.6 million. Per the report in 2020, the Prime Minister has only added to his immovable asset (property + piece of land) portfolio and showed no such sale of land or property.

The Pakistan Tehreek-e-Insaf (PTI) brands itself as a champion of accountability. Imran Khan labels himself as Pakistan’s most transparent leader. Given this, it is important for the Prime Minister to come clean on the reason for his high tax return in the first year of office.

 

The Accountant

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The latest tax directory for Parliamentarians released by Federal Board of Revenue (FBR) has sparked a controversy. Prime Minister Imran Khan paid a total of 9.85 million rupees in income tax for the tax year 2019. His income tax surged by a whopping 3389% during his first year in office, rising from 282,449 rupees, paid in 2018.

Analysis of FBR’s tax returns from 2018 reveals that that the PM was ranked 141st in the list of income tax paid by MNAs and Senators for tax year 2018. Whereas, he is ranked 9th in the same list of taxpayers for 2019.

This has left tax analysts and current affairs analysts perplexed. In a comment to BBC’s Tanveer Malik, Information Minister Fawad Chaudry has claimed that the massive rise in PM’s income tax resulted from a sale of property. A closer look at Pakistan’s tax laws raises important questions.

Taxable income in Pakistan is calculated under five different types of income, as follows:

  • Salary.
  • Property.
  • Business.
  • Capital gains.
  • Income from other sources, which includes income from dividends, royalties etc.
This means income tax is sum total of taxes paid on salary, property, business, capital gains and income from other sources.

Pakistan’s finance act 2018-2019, which was applicable for the tax year to 2019, clearly states that no capital gains tax will be levied on property or piece of land sold after being held for more than 3 years. To put it in context, for Imran Khan to have incurred capital gains tax, he must have sold a property which he bought in tax year 2016 or afterwards.

This raises two pertinent questions:

  1. A) What property/piece of land did Imran Khan acquire between 2016 and 2019
    B) which was then sold in tax year 2019 and C) resulted in such a high capital gains tax that led to a staggering rise in Prime Minister’s income tax return?
  2. If Fawad Chaudry’s statement about a property sold by Imran Khan is incorrect, what has resulted in higher income tax returns for the Prime Minister? In other words, if the higher income tax did not result from capital gains tax, then what led to increase?
Furthermore, a high level source from FBR corroborated with the above analysis. The sourced added that the PM has declared no such property or its sale. The source went on to add that all properties held for more than 3 years were exempt for capital gains tax per finance act 2018-2019.

An Election Commission of Pakistan (ECP) report on the PM’s immovable property and assets in 2020 showed that the total value of Prime Minister Imran Khan’s assets stood at Rs80.6 million. Per the report in 2020, the Prime Minister has only added to his immovable asset (property + piece of land) portfolio and showed no such sale of land or property.

The Pakistan Tehreek-e-Insaf (PTI) brands itself as a champion of accountability. Imran Khan labels himself as Pakistan’s most transparent leader. Given this, it is important for the Prime Minister to come clean on the reason for his high tax return in the first year of office.

Is this really a news or question
 

Jazzbot

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No thread on Nani Tweetni's abusive leaked audio against journalists, but so many threads against PTI.

Someone is busy increasing his N-League basket's collection at a rapid pace. :woot:
 

AZ1

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Is this really a news or question
tokri se matlab hai bas question news is nothing
No thread on Nani Tweetni's abusive leaked audio against journalists, but so many threads against PTI.

Someone is busy increasing his N-League basket's collection at a rapid pace. :woot:
he's shameless guy who cares for nothing except making nawaz sharif happy. Dont know how these creature face themselves infront of mirror.
 

FOOLS_NIGHTMARE

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Did Najam Sethi write an article on how former PM YRG paid zero tax?
I believe his paper did mention it, but then PTI boasts to stand on the high moral ground than others!

PPP Leader Yousuf Raza Gllani Paid No Tax In 2019
PPP Leader Yousuf Raza Gllani Paid No Tax In 2019

Prime Minister Imran Khan paid Rs.9.8 million in taxes in the year 2019, while former prime minister and Pakistan People’s Party (PPP) leader Senator Yousaf Raza Gilani paid no tax in the said year. This data was revealed by the Federal Board of Revenue (FBR) that issued its 2019 tax directory for parliamentarians on Monday.
The directory, which has been published every year for the past six years, draws on tax returns filed both manually and electronically until January 3, 2020 and includes the tax filings of all parliamentarians.
“This data only includes income and tax declared in returns filed to FBR and does not include agricultural income tax paid to provinces, sales tax, federal excise duty etc,” the document notes.
In the forward to the document, Finance Minister Shaukat Tarin said that the directory was published with the aim, “not only in educating taxpayers but also in encouraging compliance with tax laws as a national duty.”
The minister added, “the directory embodies the government’s policy of better governance, accountability and transparency through public access to information.”
The directory also shows that Leader of the Opposition in the National Assembly Shehbaz Sharif paid Rs8.2m and PPP Chairman Bilawal Bhutto-Zardari paid Rs0.53m.
PPP co-chairman Asif Ali Zardari paid Rs2.2m. Senior banker and incumbent finance minister, Shaukat Tarin paid Rs26.6m. Foreign Minister Shah Mahmood Qureshi paid Rs0.9m and Planning and Development Minister Asad Umer paid Rs4.3m.
PPP Senator Yousaf Raza Gillani and Pakistan Muslim League-N’s (PML-N) Azma Zahid Bokhari, paid the lowest in taxes of any parliamentarian, neither of whom paid anything in taxes. The highest tax amount was paid by PTI Member of the National Assembly (MNA) Muhammad Najeeb Haroon from Karachi, who paid Rs.140m in taxes

 

313ghazi

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So your problem is that the PM paid too much tax?

The answers to all questions are with FBR. I am not a legal expert so I have no idea if it is a matter of public record or private between PM and FBR.

But just to clarify your problem is that the PM has paid too much tax?
 

SQ8

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Next up for Noonies - PM Imran Khan consumes 4 whole Chickens per day while nation suffers. Nawaz Sharif would never consume Chicken and only ate quail during his time as PM.
 

python-000

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The latest tax directory for Parliamentarians released by Federal Board of Revenue (FBR) has sparked a controversy. Prime Minister Imran Khan paid a total of 9.85 million rupees in income tax for the tax year 2019. His income tax surged by a whopping 3389% during his first year in office, rising from 282,449 rupees, paid in 2018.

Analysis of FBR’s tax returns from 2018 reveals that that the PM was ranked 141st in the list of income tax paid by MNAs and Senators for tax year 2018. Whereas, he is ranked 9th in the same list of taxpayers for 2019.

This has left tax analysts and current affairs analysts perplexed. In a comment to BBC’s Tanveer Malik, Information Minister Fawad Chaudry has claimed that the massive rise in PM’s income tax resulted from a sale of property. A closer look at Pakistan’s tax laws raises important questions.

Taxable income in Pakistan is calculated under five different types of income, as follows:

  • Salary.
  • Property.
  • Business.
  • Capital gains.
  • Income from other sources, which includes income from dividends, royalties etc.
This means income tax is sum total of taxes paid on salary, property, business, capital gains and income from other sources.

Pakistan’s finance act 2018-2019, which was applicable for the tax year to 2019, clearly states that no capital gains tax will be levied on property or piece of land sold after being held for more than 3 years. To put it in context, for Imran Khan to have incurred capital gains tax, he must have sold a property which he bought in tax year 2016 or afterwards.

This raises two pertinent questions:

  1. A) What property/piece of land did Imran Khan acquire between 2016 and 2019
    B) which was then sold in tax year 2019 and C) resulted in such a high capital gains tax that led to a staggering rise in Prime Minister’s income tax return?
  2. If Fawad Chaudry’s statement about a property sold by Imran Khan is incorrect, what has resulted in higher income tax returns for the Prime Minister? In other words, if the higher income tax did not result from capital gains tax, then what led to increase?
Furthermore, a high level source from FBR corroborated with the above analysis. The sourced added that the PM has declared no such property or its sale. The source went on to add that all properties held for more than 3 years were exempt for capital gains tax per finance act 2018-2019.

An Election Commission of Pakistan (ECP) report on the PM’s immovable property and assets in 2020 showed that the total value of Prime Minister Imran Khan’s assets stood at Rs80.6 million. Per the report in 2020, the Prime Minister has only added to his immovable asset (property + piece of land) portfolio and showed no such sale of land or property.

The Pakistan Tehreek-e-Insaf (PTI) brands itself as a champion of accountability. Imran Khan labels himself as Pakistan’s most transparent leader. Given this, it is important for the Prime Minister to come clean on the reason for his high tax return in the first year of office.

its called planted propaganda No talk about zardari & nawaz thiefs properties But only target on PM imran Khan
 

Enigma SIG

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The nation is hooked onto news channels. Watch something worthwhile folks. I can't stand the 24/7 verbal diarrhea coming out of them. I opened up a channel to hear about the situation unfolding in murree and all I heard was the gashti of raiwind barking about how IK killed them. Like when the floods and earthquake hit did that mean the sitting PM killed the people. Retards. Turned it off at once.
 

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