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.