The Federal Board of Revenue (FBR) has made two significant announcements regarding the real estate sector.
First, the issuance of new valuation tables for immovable properties has been postponed until September 2023. The FBR will work with committees established in each city to determine these new property values.
Second, the FBR has decided to introduce an online facility in the updated “IRIS” system, allowing all citizens to either claim an exemption or pay a 1 percent tax under section 7E on immovable properties. This new system will eliminate the need for taxpayers to physically visit the Commissioner Inland Revenue (FBR) and will help to reduce corruption.
The decisions were made during a meeting between the Amjad Zubair Tiwana, and representatives from the real estate sector at the FBR Headquarters.
Previously, all sellers of immovable properties were required to obtain an exemption certificate from the Commissioner of Inland Revenue or pay a 1 percent tax as per section 7E of the Income Tax Ordinance. The new online facility will make it easier for taxpayers to comply with these requirements and will help to reduce the time and cost of doing business
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