{"id":18548,"date":"2023-08-09T13:43:52","date_gmt":"2023-08-09T08:43:52","guid":{"rendered":"https:\/\/propakistani.pk\/proproperty\/?p=18548"},"modified":"2023-08-09T13:43:52","modified_gmt":"2023-08-09T08:43:52","slug":"realtors-advocate-tax-reforms-for-real-estate-sectors-recovery","status":"publish","type":"post","link":"https:\/\/propakistani.pk\/proproperty\/realtors-advocate-tax-reforms-for-real-estate-sectors-recovery\/","title":{"rendered":"Realtors Advocate Tax Reforms for Real Estate Sector&#8217;s Recovery"},"content":{"rendered":"<p>ISLAMABAD: The Federation of Realtors Pakistan has put forward a proposal to eliminate the tax on deemed income from immovable property, aiming to stimulate the real estate sector.<\/p>\n<p>The President of the Federation, Sardar Tahir Mehmood, presented this proposition during a meeting with the Chairman of the Federal Board of Revenue (FBR), which was conducted to address and find resolutions for taxation issues related to real estate transactions.<\/p>\n<p>During the meeting, representatives from the real estate sector highlighted the pressing need to rationalize the taxation system for immovable property, considering the current state of the economy.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/real-estate-industry-in-pakistan-needs-tax-reforms-for-growth-and-prosperity\/\" target=\"_blank\" rel=\"dofollow\" class=\"uc94b45619827e99eda11bbab94d3b620\"><style> .uc94b45619827e99eda11bbab94d3b620 { 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; } .uc94b45619827e99eda11bbab94d3b620:active, .uc94b45619827e99eda11bbab94d3b620:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .uc94b45619827e99eda11bbab94d3b620 { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .uc94b45619827e99eda11bbab94d3b620 .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .uc94b45619827e99eda11bbab94d3b620 .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .uc94b45619827e99eda11bbab94d3b620: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\">'Real Estate Industry in Pakistan Needs Tax Reforms for Growth and Prosperity'<\/span><\/div><\/a><\/div>\n<p>They emphasized that historically, the real estate sector has been a major driver of both domestic and foreign investments.<\/p>\n<p>However, due to the deteriorating economic conditions, people are now hesitant to invest in this sector.<\/p>\n<p>The delegates also expressed concerns about the taxation measures introduced through the Finance Acts of 2022 and 2023, which they believe have created a discouraging investment environment for the real estate sector.<\/p>\n<p>In addition, the delegation put forth a proposal to eliminate the tax on deemed income from immovable property.<\/p>\n<p>Additionally, they requested that the valuation table for properties remain unchanged for the time being, or if any adjustments are deemed necessary, they should be made after thorough consultation with stakeholders.<\/p>\n<p>The Chairman of FBR assured the participants that their concerns would be addressed and that the best possible facilitation would be provided to alleviate challenges arising from the implementation of tax laws.<\/p>\n<p>He directed his team to engage in proper coordination and consultations with realtors on this matter.<\/p>\n<p>However, the Chairman also pointed out that due to the Stand-by Arrangement with the IMF, introducing new tax exemptions, concessions, or preferential tax treatments might not be feasible at this moment.<\/p>\n<p>It&#8217;s noteworthy that during the 90th meeting of the National Assembly Standing Committee on Finance and Revenue held on August 4, 2023, the Minister for Finance and Revenue instructed the FBR to convene a meeting with realtors.<\/p>\n<div style=\"clear:both; margin-top:0em; margin-bottom:1em;\"><a href=\"https:\/\/propakistani.pk\/proproperty\/strict-action-will-be-taken-against-real-estate-frauds-in-karachi\/\" target=\"_blank\" rel=\"dofollow\" class=\"ud69fb24a75c9b4f74bd99bd24842a59c\"><style> .ud69fb24a75c9b4f74bd99bd24842a59c { 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; } .ud69fb24a75c9b4f74bd99bd24842a59c:active, .ud69fb24a75c9b4f74bd99bd24842a59c:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; text-decoration:none; } .ud69fb24a75c9b4f74bd99bd24842a59c { transition: background-color 250ms; webkit-transition: background-color 250ms; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; } .ud69fb24a75c9b4f74bd99bd24842a59c .ctaText { font-weight:bold; color:#F1C40F; text-decoration:none; font-size: 16px; } .ud69fb24a75c9b4f74bd99bd24842a59c .postTitle { color:#eaeaea; text-decoration: underline!important; font-size: 16px; } .ud69fb24a75c9b4f74bd99bd24842a59c: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\">'Strict Action Will be Taken Against Real Estate Frauds in Karachi'<\/span><\/div><\/a><\/div>\n<p>The Realtors had informed the committee that property registries had significantly decreased by up to 95 percent, along with the suspension of property transfers across the country.<\/p>\n<p>The surge in taxes has not only affected local investors but has also prompted capital outflows.<\/p>\n<p>Consequently, overseas investors are showing reluctance toward investments in Pakistan.<\/p>\n<p><em>Source: Pakistan Today<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: The Federation of Realtors Pakistan has put forward a proposal to eliminate the tax on deemed income from immovable property, aiming to stimulate the real estate sector. The President of the Federation, Sardar Tahir Mehmood, presented this proposition during a meeting with the Chairman of the Federal Board of Revenue (FBR), which was conducted to address and find resolutions for taxation issues related to real estate transactions. During the\u2026<\/p>\n","protected":false},"author":3,"featured_media":881,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-18548","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\/property-tax-concept-d-rendered-illustration-composition-uses-white-city-layout-extruded-red-text-positioned-69582516.jpg",800,559,false],"medium":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/property-tax-concept-d-rendered-illustration-composition-uses-white-city-layout-extruded-red-text-positioned-69582516.jpg",800,559,false],"full":["https:\/\/propakistani.pk\/proproperty\/wp-content\/uploads\/2022\/07\/property-tax-concept-d-rendered-illustration-composition-uses-white-city-layout-extruded-red-text-positioned-69582516.jpg",800,559,false]},"author_name":"Firas Qureshi","categories_name":["News"],"title_text":"Realtors Advocate Tax Reforms for Real Estate Sector\u2019s Recovery","related_stories":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts?filter&per_page=4&categories=5&exclude=18548","_links":{"self":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/18548","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=18548"}],"version-history":[{"count":0,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/posts\/18548\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media\/881"}],"wp:attachment":[{"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/media?parent=18548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/categories?post=18548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propakistani.pk\/proproperty\/wp-json\/wp\/v2\/tags?post=18548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}