Category Archives: Exclusive

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.

Federal, provincial governments should design immovable property valuation: Tax Reform Commission


KARACHI: Tax Reform Commission (TRC) constituted by the Finance Minister has recommended immovable property valuation in various categories should be designed by federal government in coordination with provincial governments.

Committee formed to make rules for immovable property valuation; no amnesty for concealed income


ISLAMABAD: A committee has been formed on Monday to formulate rules and develop mechanism for the valuation of immovable properties under new legislation brought in Income Tax Ordinance, 2001. No option to introduce amnesty scheme for income concealed behind property investment.

FBR issues 275,400 notices to potential taxpayers


KARACHI: The Federal Board of Revenue (FBR) has issued preliminary notices to 275,400 potential taxpayers for filing their income tax returns, sources said on Thursday.

Preventive Karachi spends Rs330 million for computers, vehicles purchase against allocated amount of Rs5.5 million


KARACHI: Model Customs Collectorate (MCC) Preventive, Karachi has incurred expenses of over Rs330 million for the purchase of computers, vehicles, machinery etc. during 2015/2016 against allocated amount of Rs5.5 million for the year, according to official documents.

Property boom benefits income, industries except revenue; hundreds of rags-to-riches stories emerged: FBR report


KARACHI: The boom in real estate over the past years has benefited several segments and sectors of the economy except the revenue generation. The massive increase in property prices resulted in hundreds of rags-to-riches stories yet valuation grossly understated to evade taxes.