At the directives of Minister for Finance and Revenue, issued during the 90th meeting of National Assembly Standing Committee on Finance and Revenue held on 4th August, 2023, a meeting was held at FBR Headquarters, Islamabad, to address and resolve taxation issues concerning real-estate transactions.
The meeting was presided by the Chairman FBR, Mr. Malik Amjed Zubair Tiwana and attended by the delegation of Realtors led by Mr. Sardar Tahir Mehmood, President Federation of Realtors Pakistan, and the team of FBR officers.
Realtors’ delegates emphasised the need to rationalize taxation of immovable property in the backdrop of poor health of the economy.
They stressed that real estate sector has been the major source of domestic and foreign investment in the past, however, deteriorating economic conditions have pushed people away from investment in this sector.
They also asserted that taxation measures on immovable property introduced through Finance Act, 2022 & Finance Act, 2023 have created a discouraging environment for investment in real estate sector.
The delegation proposed abolition of tax on deemed income from immovable property. They also requested that there be either no revision of valuation table of the properties for the time being, or increase, if any must be made, at fair level after consultation with the stakeholders.
