FBR Rejects Proposal to Ease Property Purchase Restrictions

The Federal Board of Revenue (FBR) has turned down the Association of Builders and Developers’ (ABAD) request to relax restrictions on property purchases, maintaining the requirement for financial scrutiny on transactions exceeding Rs10 million.

FBR Upholds Property Purchase Regulations

During a meeting of the National Assembly’s Standing Committee on Finance, chaired by PML-N’s Bilal Azhar Kiani, FBR officials clarified that questioning the source of income for property transactions over Rs10 million remains mandatory.

FBR emphasized that tax filers must continue to disclose income sources via a revised wealth statement. The board also dismissed proposals to consider gold, stocks, bonds, or inherited assets as valid sources for property valuation under existing tax regulations.

ABAD’s Proposal and FBR’s Response

ABAD proposed eliminating income verification for properties worth up to Rs25 million and for first-time homebuyers acquiring properties up to Rs50 million. They argued that strict financial scrutiny could discourage investment in Pakistan’s real estate sector.

However, FBR officials reaffirmed their stance, stating that all property transactions must be recorded under the National Tax Number (NTN) system to ensure transparency and compliance with tax laws.

Impact on Real Estate Sector

The decision to uphold these regulations is expected to impact property investors and developers, as compliance with tax laws remains stringent. The real estate sector continues to face challenges due to financial scrutiny, potentially affecting investment inflows.

For further updates on FBR policies and property tax regulations, stay connected with the latest financial news.

SIMILAR ARTICLES
Syeda Qandeel Zehra
Syeda Qandeel Zehrahttps://hamariweb.com/
Syeda Qandeel Zehra, an MBA holder with four years of content writing experience, is a versatile writer adept in news, blogs, and articles. Specializing in SEO content, she combines business insight with engaging storytelling. Keen on staying updated with industry trends, Syeda crafts compelling and high-ranking content that resonates with her audience.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular