The Federal Board of Revenue (FBR) has taken two major decisions relating to the real estate sector on Saturday.
Sources told ProPakistani that FBR has postponed the issuance of new valuation tables of immovable properties till next month.
The FBR was prepared to release higher values for immovable properties in August 2023. However, these new values would be determined in consultation with committees to be established in each city by the end of the current month.
FBR has also decided to introduce an online facility for all citizens in the “IRIS” updated system to grant exemption or pay one percent tax under section 7E on immovable properties.
Taxpayers will not be required to visit the concerned Commissioner Inland Revenue (FBR).
This would end the apprehension of corruption while seeking exemption certificates from the concerned Commissioner of Inland Revenue.
The decisions have been taken during the meeting between the FBR Chairman Amjad Zubair Tiwana and the real estate sector at the FBR Headquarters on Saturday.
It is important to note that every seller of the immovable property was bound to obtain an exemption certificate from the Commissioner Inland Revenue or pay a 1 percent tax under section 7E of the Income Tax Ordinance.
All citizens of Pakistan have to go through the process of section 7E of the Income Tax Ordinance whether filer or non-filer of income tax returns.
Previously, filers who were exempted from section 7E were required to visit the concerned commissioner to obtain proof of exemption. However, the FBR is now prepared to launch an online facility for obtaining the exemption certificate.
Looks like my voice heard by the higher authorities. The taken the good step of excluding physical visit to commissioner’s office and make it purely online.
The data of all the filers is available with them, so the filer should need a certificate.
Make things complicated for general public, that’s what the aim appears to be.
There is no check and balance on FBR Commissioners, hundreds of applications remain in their logins undecided.
Only those applications can be decided on time where someone pay them some bribe.
agreed. at the same time you must have observed that things are moving in right direction, first commissioner approvals, then online then you concern would be addressed. i think online approval would be realtime.
This is much better but when 236k and 236c tax is deducted on sales purchases property and the property is also declared in wealth. 7E rules are wrong
any expected date of online system approvals for 7 E plz ?
In April 2023, Lahore High Court declared 7E as ultra vires (beyond FBRs legal power) , now how FBR can implement this new tax?
When a person is filer, pays taxes at the time of sale and purchase of property & pays annual property tax, the additional tax under Section 7E is illogical and amounts to undue burden on filer.
جتنا مشکل عمل کو کر رہے صزف چند لوگوں کی وجہ سےجس کی وجہ اپنے گھر کے لیے زمین بیچینے والا30لاکھ پر بھی ٹیکس دے گا
Its very cooperative stance taken by FBR for the people to provide comfort them