{"id":16597,"date":"2023-05-24T18:03:34","date_gmt":"2023-05-24T13:03:34","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=16597"},"modified":"2023-05-24T18:03:34","modified_gmt":"2023-05-24T13:03:34","slug":"fbr-considers-proposals-to-document-non-filer-transactions-in-real-estate","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/fbr-considers-proposals-to-document-non-filer-transactions-in-real-estate\/","title":{"rendered":"FBR Considers Proposals to Document Non-Filer Transactions in Real Estate"},"content":{"rendered":"<p>ISLAMABAD: <span style=\"font-size: 1rem;\">The Federal Board of Revenue (FBR) is currently examining significant taxation proposals aimed at documenting non-filer transactions in the real estate sector and implementing effective taxation measures for immovable properties through the Finance Bill 2023. <\/span><\/p>\n<p><span style=\"font-size: 1rem;\">These proposals, if approved, would introduce amendments to the Income Tax Ordinance 2001 starting from July 1, 2023. <\/span><\/p>\n<p><span style=\"font-size: 1rem;\">According to sources, the FBR has received several major budget proposals with a revenue impact of over Rs. 150 billion. <\/span><\/p>\n<p><span style=\"font-size: 1rem;\">The proposed amendments include eliminating the concessional regime for capital gains, taxing short-term gains along with cost indexation for long-term gains<\/span><\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/fbr-exempts-builders-and-developers-from-renewing-their-annual-registrations\/\" target=\"_blank\" rel=\"dofollow\" class=\"u3f4b93d964519faee3ca5fa146e59c7e\"><style> .u3f4b93d964519faee3ca5fa146e59c7e { padding:0px; margin: 0; padding-top:1em!important; padding-bottom:1em!important; width:100%; display: block; font-weight:bold; background-color:#2C3E50; border:0!important; border-left:4px solid #F1C40F!important; text-decoration:none; } .u3f4b93d964519faee3ca5fa146e59c7e:active, .u3f4b93d964519faee3ca5fa146e59c7e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .u3f4b93d964519faee3ca5fa146e59c7e { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .u3f4b93d964519faee3ca5fa146e59c7e .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .u3f4b93d964519faee3ca5fa146e59c7e .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .u3f4b93d964519faee3ca5fa146e59c7e:hover .postTitle { text-decoration: underline!important; } <\/style><div style=\"padding-left:1em; padding-right:1em;\"><span class=\"ctaText\">ALSO READ<\/span>&nbsp; <span class=\"postTitle\">FBR Exempts Builders and Developers from Renewing their Annual Registrations<\/span><\/div><\/a><\/div>\n<p><span style=\"font-size: 1rem;\">Moreover, the proposal also includes, introducing deemed rental income and deemed ground rent at a rate of 5% of Fair Market Value (FMV), extending the scope of advance tax on property transactions, increasing the tax rate for non-filers, imposing income tax on gifts from non-relatives, <\/span><\/p>\n<p><span style=\"font-size: 1rem;\">Besides, the recommendations, if approved, would grant the FBR the authority to determine minimum FMV for construction purposes, and propose a minimum tax on developers and builders based on per sq ft basis during development\/construction. <\/span><\/p>\n<p><span style=\"font-size: 1rem;\">The details suggest that the FBR is carefully considering these proposals, and a final decision is awaited from the government.<\/span><\/p>\n<p><em>Source: Business Recorder<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The Federal Board of Revenue (FBR) is currently examining significant taxation proposals aimed at documenting non-filer transactions in the real estate sector and implementing effective taxation measures for immovable properties through the Finance Bill 2023. These proposals, if approved, would introduce amendments to the Income Tax Ordinance 2001 starting from July 1, 2023. According to sources, the FBR has received several major budget proposals with a revenue impact of\u2026<\/p>\n","protected":false},"author":3,"featured_media":480,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-16597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"img_urls":{"thumbnail":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/FBR-Realty-PP.jpg",1000,560,false]},"author_name":"Firas Qureshi","categories_name":["News"],"title_text":"FBR Considers Proposals to Document Non-Filer Transactions in Real Estate","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=16597","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/16597","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/comments?post=16597"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/16597\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/480"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=16597"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=16597"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=16597"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}