Federal Board of Revenue (FBR) Chairman Malik Amjad Zubair Tiwana has assured realtors that their taxation-related concerns will be addressed.
The development came during a meeting between the chairman and a delegation of realtors. The meeting took place after Finance Minister Ishaq Dar directed FBR to resolve taxation issues concerning real estate transactions.
The delegation called for rationalizing taxation on immovable properties in the backdrop of the poor health of the economy. They said taxation measures introduced through Finance Act, 2022 and Finance Act, 2023 have created a discouraging environment for investment in the real estate sector.
The delegation proposed the abolition of tax on deemed income from immovable property and requested that either no revision of the valuation table of the properties be made for the time being or an increase may be made at a fair level after consultation with the stakeholders.
The chairman assured the participants that their concerns will be addressed and the best possible facilitation will be ensured for removing difficulties arising on account of the implementation of tax laws. He directed his team to ensure proper consultations with realtors in this regard.
The chairman further pointed out that under the stand-by arrangement with the International Monetary Fund (IMF), any new tax exemption, concession, or preferential tax treatment may not be possible at this time.
Those need to pay taxes are demanding exemptions instead of abolishing taxes for people who can’t afford. Real estate mafia want to keep many properties without paying tax to manipulate market further will result property out of reach for the deserving living on rent.
Give a big hand to Peeno….
His efforts will be fruitful insha’Allah