Corporate Escrow Services Karachi Pakistan

Corporate Escrow Services Karachi Pakistan

When you need a neutral third party to act as a temporary agent in financial transactions, look to Irfan Mir Halepota & Associates Law Firm in Karachi Pakistan to provide you with the professional expertise and resources required to deliver complete escrow services.

Why use Escrow Services?
In a market filled with uncertainties, escrow agreements are an easily acceptable and versatile tool for assuring the safe, fair and efficient completion of a variety of transactions. An escrow agent will hold assets and oversee distribution of funds so conditions of an escrow agreement can be met.

A Wide Range of Transactions
Our full range of integrated escrow services includes: document review, payment and disbursement services, wire transfer and deposit services, and detailed activity and asset reporting for all parties.

We handle the following types of escrows:

  • Indemnification
  • Contractor Retention/Construction
  • Merger and Acquisition
  • Business Agreement Escrows
  • Impoundment
  • Real Estate Purchase and Sale / Exchanges
  • Franchise
  • Acquisitions
  • For transfer of part or whole ownership
  • As a guarantee for entering into any form of agreement
  • As a performance guarantee
  • For exercise of share option agreements
  • Any other case upon request

Expertise and Personalized Service
You will receive the full attention of our specialists in the Escrow Services Department. They have the experience, combined with the speed and efficiency required, to manage your escrow transaction to your complete satisfaction.

Property Valuation FBR State Bank of Pakistan

FBR Pakistan Tax Property ValuationThe Finance Bill 2016 an amendment to Section 68 of Income Tax Ordinance, 2001 had been proposed under which commissioner Inland Revenue had been empowered to reject the collector value of provincial government and appoint valuation committee to ascertain fair market value to determine the income tax.

The amendment seeks to determine fair market value of property without regard to value fixed or notified by any provincial authority for the purpose of stamp or for any other purpose.
Property of posh areas in big cities like Karachi, Lahore, Islamabad which disclosed that the declared value was much lower than the open market value thus causing huge monetary losses to national exchequer.
It is generally observed by the Government Authorities that Property business in big cities had become source of parking undeclared or black money.
The amendment is proposed to be effective from July 01, 2016 but the commissioner IR could able to determine the valuation of past six years as envisaged in the tax laws.
The existing Section 68 explains fair market value as:
(1) For the purposes of this Ordinance, the fair market value of any property or rent, asset, service, benefit or perquisite at a particular time shall be the price which the property or rent, asset, service, benefit or perquisite would ordinarily fetch on sale or supply in the open market at that time.
(2) The fair market value of any property 3[or rent], asset, service, benefit or perquisite shall be determined without regard to any restriction on transfer or to the fact that it is not otherwise convertible to cash.
(3) Where the price referred to in sub-section (1) is not ordinarily ascertainable, such price may be determined by the Commissioner.
Further Section 222 of the Ordinance authorized the commissioner to appoint expert. It said: “The commission may appoint any expert as the commission considers necessary for the purpose of the Ordinance for the purpose of audit of valuation.”

Irfan Mir Halepota, Advocate Supreme Court of Pakistan.

Enforcement of Foreign Judgement & Decree in Pakistan

Enforcement Foreign Judgement Decree Pakistan KarachiEnforcement of Foreign Judgement in Pakistan. The Section 44.A. describes the procedure for enforcement of Foreign Judgments in Pakistan, which is reproduced as under :-

(1) Where a certified copy of a decree of any of the superior Courts of the United Kingdom or any reciprocating territory has been filed in a District Court, the decree may be executed in [Pakistan] as if it had been passed by the District Court.

(2) Together with the certified copy of the decree shall be filed a certificate from such superior Court stating the extent, if any, to which the decree has been satisfied or adjusted and such certificate shall, for the purposes of proceedings under this section, be conclusive proof of the extent of such satisfaction or adjustment.

(3) The provisions of section 47 shall as from the filing of the certified copy of the decree apply to the proceedings of a District Court executing a decree under this section, and the District Court shall refuse execution of any such decree, if it is shown to the satisfaction of the Court that the decree falls within any of the exceptions specified in clauses (a) to (f) of section 13.

Explanation 1.-“Superior Court” with’ reference to the United Kingdom, means the High Court in England, the Court of Session in Scotland, the High Court in Northern Ireland, the Court of Chancery of the County Palatine of Lancaster and the Court of Chancery of the County Palatine of Durham.

Explanation 2.-“Reciprocating territory” means 1[the United Kingdom and such other country or territory as] the 3[Central Government) may, from time to time, by notification in the 3[official Gazette], declare [to be reciprocating territory for the purposes of this section; and “superior Courts”, with reference to any such territory, means such Courts as may be specified in the said notification.

Explanation 3.-.”Decree”, with reference to a superior Court, means any decree or judgment of such Court under which a sum of money is payable, not being a sum payable in respect of taxes or other charges of a like nature or in respect of a fine or other penalty, and

(a) With reference to superior Courts in the United Kingdom, includes judgments given and decrees made in any Court in appeals against , such decrees or judgments, but

(b) In no case includes an arbitration award, even if such award is enforceable as a decree or judgment.

Submit Your Query For a Legal Advice

 
Law Firm in Pakistan dealing with Commercial, Intellectual Property and Litigation Laws of Pakistan.
E-26, Glass Tower, Clifton
Karachi, Sindh
PK
Phone: +92 321 205 7582

Purchase of Plot in DHA Defence Housing Authority Karachi Pakistan

One of our Client residing in New York, United States of America is interested to Purchase a Bungalow and an Open Plot in Defence, Karachi. Preferably in DHA Phase VIII.

Any person / Owner / Estate Agent interest to Sale Property in Defence Karachi, preferablly in DHA Phase-VIII can contact us for negotiations.

 

For Further Details of Property Requirements, Please visit Category “Real Estate Deals” of our website.

 

Contact No. 0321-2057582

How foreigners can invest in Pakistan real estate

Foreigners living in Pakistan could be discouraged to rent or buy property here in the sense that a little bit lengthy and lethargic process which can take several months to complete. The following post discusses the process in detail as well as why the government needs to relax the process in order to attract foreign investment in Pakistan real estate sector.

Following are the documents that foreigners are required to submit to the home department if they wish to rent or buy property in Pakistan.

  1. An employment letter from the company they’re currently working for, declaring the nature of their job, the duration of their employment along with the contact details of the company per se.
  2. A copy of their passport, along with the copy of a valid visa with six recent, passport size photographs.
  3. They are also required to submit a copy of the landlord/realtor’s CNIC.
  4. Additionally, the owner of the property in question also needs to submit attested copies of proof of ownership.
  5. Last but not the least, the law requires a contract to be drafted in the name of the occupant of the property. In case, a new tenant occupies the property, he’s legally required to get a new contract otherwise strict legal action would be taken against him.

Violation of the above mentioned procedure may lead to prosecution of the tenant, the landlord or both.

The whole of this process is daunting to say the least and keeps foreigners from investing in Pakistan real estate. The refusal on part of government to let foreigners freely buy and sell property in Pakistan is due to security concerns.