Category Archives: Exclusive

FBR may withdraw sales tax withholding for registered persons


KARACHI: Federal Board of Revenue (FBR) is considering to withdraw the provisions of withholding sales tax for registered persons following the implementation of new sales tax and federal excise returns.

Agreement between federal, provincial revenue authorities on sales tax input adjustment comes to an end


KARACHI: An agreement between federal and provincial revenue authorities has comes to an end after the implementation of Finance Act, 2016 which disallows sales tax input adjustment, tax experts at Karachi Tax Bar Association said on Wednesday.

Tax treatment of immovable properties for July 2016 as per old law


ISLAMABAD: A presidential order has amended income tax laws related to transaction of immovable properties with effect from July 31. While the amendment made through Finance Act, 2016 will not be applicable to Section 68 of Income Tax Ordinance, 2001.

Immovable property declaration and Section 111 related to concealed income


ISLAMABAD: The business community after conclusion of talks on valuation of immovable properties have claimed the government agreed to provide amnesty from declaring source of investment in immovable property purchased before July 01, 2016.

FBR, business community close to end deadlock over immovable property valuation; meet again on July 28


ISLAMABAD: Federal Board of Revenue and representatives of business community will meet again on July 28 (Thursday) to end deadlock over issue of immovable property valuation as meeting held on Wednesday without reaching an agreement.

Regularizing immovable property investment scheme likely to be announced


ISLAMABAD: The government likely to agree on allowing an amnesty scheme for declaring undocumented money invested in immovable properties. However, the scheme likely to be for the investment made in immovable properties purchased before July 01, 2016, sources in Federal Board of Revenue (FBR) said on Tuesday.

SBP-approved valuers provide fair market value of immovable properties to FBR


ISLAMABAD: The Federal Board of Revenue (FBR) has conducted fair market valuation survey of immovable properties through approved valuers of State Bank of Pakistan (SBP) of identified cases ahead of final round of discussions between tax officials and representatives of real estate on Wednesday (July 27).

Business community to seek immunity from declaring source of investment in immovable properties


KARACHI: Business community will seek immunity from declaring investment made in immovable property business at a meeting to be held with Finance Minister Senator Mohammad Ishaq Dar on July 27 in order to regularize the undocumented money involved in this business.

FBR, developers, builders to meet again on July 27; different valuation chart for major cities to be prepared


ISLAMABAD: Talks between Federal Board of Revenue (FBR) and property developers and builders will meet again on July 27 to finalize the valuation mechanism of immovable properties, sources said on Thursday.

Finance minister to announce agreed mechanism for immovable property valuation on July 21


ISLAMABAD: Finance Minister Senator Muhammad Ishaq Dar will announce an agreed valuation mechanism for immovable properties on July 21 following the concluding discussions between Federal Board of Revenue (FBR) and representatives of builders, developers and real estate, sources said on Wednesday.