Category Archives: Exclusive

Regularizing immovable property investment scheme likely to be announced

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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

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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

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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

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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

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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

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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

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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

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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.

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

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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.

FBR issues updated ATL 2015; return filers population reach at 1,034,784

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KARACHI: The Federal Board of Revenue (FBR) has issued Active Taxpayers List (ATL) for tax year 2015 updated up to July 10, 2016 showing over one million taxpayers have filed their income tax returns.