FBR to Start Online Fee and Exemption Service for 1% Tax on Property

The Federal Board of Revenue (FBR) made two significant decisions concerning the real estate sector on a Saturday. According to reliable sources, the FBR has decided to postpone the issuance of new valuation tables for immovable properties until the following month.

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Initially, the FBR had planned to release higher property values in August 2023. However, they will now determine these new values in collaboration with committees to be established in each city by the end of the current month.

Furthermore, the FBR has taken the initiative to introduce an online facility on the updated “IRIS” system, allowing all citizens to either apply for an exemption or pay a one percent tax under Section 7E for immovable properties.

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This means taxpayers will no longer be required to visit the concerned Commissioner of Inland Revenue (FBR), eliminating concerns about corruption while seeking exemption certificates.

Previously, every seller of immovable property was obligated to obtain an exemption certificate from the Commissioner Inland Revenue or pay a 1 percent tax under Section 7E of the Income Tax Ordinance. Regardless of being a filer or non-filer of income tax returns, all citizens of Pakistan had to go through this process.

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Before this decision, even filers exempted from Section 7E had to physically visit the concerned commissioner to obtain proof of exemption. However, with the upcoming online facility, the FBR aims to streamline the process and make it more accessible to taxpayers in the real estate sector. These decisions were made during a meeting between FBR Chairman Amjad Zubair Tiwana and representatives from the real estate sector at the FBR Headquarters.

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