The Federal Board of Revenue (FBR) has taken two major decisions relating to the real estate sector on Saturday.
Sources told that FBR has postponed the issuance of new valuation tables of immovable properties till next month.
The Federal Board of Revenue (FBR) had planned to release updated and higher values for properties in August 2023. These new property values were going to be determined in collaboration with committees set up in each city by the end of the current month.
In a positive move, the FBR also decided to introduce a user-friendly online feature within the “IRIS” updated system. This feature would allow all citizens to easily apply for exemptions or pay a minimal 1 percent tax on immovable properties, as outlined in section 7E. The best part is that taxpayers won’t have to physically visit the Commissioner Inland Revenue’s office for this process.
This progressive step by the FBR is expected to put an end to concerns about corruption that sometimes arise when seeking exemption certificates from the Commissioner of Inland Revenue. Instead, the entire process will now be streamlined and accessible online.
The decision was reached after a meeting between FBR Chairman Amjad Zubair Tiwana and representatives from the real estate sector. Until now, anyone selling an immovable property had to obtain an exemption certificate from the Commissioner Inland Revenue or pay a modest 1 percent tax according to section 7E of the Income Tax Ordinance.
This process applied to all citizens of Pakistan, regardless of whether they filed income tax returns or not. Previously, those who were exempted had to physically visit the concerned commissioner to get their exemption proof. However, the FBR’s new initiative to launch an online platform for obtaining exemption certificates is set to simplify and modernize this procedure.
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