ISLAMABAD – Federal Board of Revenue (FBR) has made it mandatory to declare income in tax returns for purchasing property worth over Rs10 million.
While speaking in the National Assembly’s Sub-Committee on Finance, FBR Chairman Rashid Mahmood Langrial stated that anyone who has declared an income of Rs13 million would be eligible to purchase a plot.
He added that to buy additional property, it will be mandatory to declare more income in the returns.
He also added that most undeclared wealth is being invested in the real estate sector. The FBR chief said the department has planned to target the 2.5 percent of people involved in high-value property transactions.
On Sunday, Langrial said that Pakistan Customs has achieved significant success in modernizing its performance, including the implementation of the Pakistan Single Window (PSW) and Faceless Customs Assessment (FCA) System, which have made the trade process faster, transparent and easier, resulted in significant increase in revenue and enabled the clearance of export goods in a short time.
He said this while addressing as chief guest in the ceremony held to mark International Customs Day-2025 at the Customs House Karachi.
Referring his recent interactions with the traders’ community, Rashid Mahmood Langrial said that the traders’ bodies in Karachi are glad because of introduction of FCA System by Pakistan Customs.
The Chairman FBR declared the World Customs Theme-2025 “Customs delivering on its commitment to efficiency, security and prosperity” as very important for Pakistan Customs as it strives to make itself a modern, dynamic and future-thinking institution.
