ISLAMABAD – The Federal Board of Revenue (FBR) recently put into effect a new regulation that requires getting a No Objection Certificate (NOC) from the FBR prior to purchasing or selling property in an effort to prevent tax fraud and promote transparency in real estate transactions.
With the passage of this law, the government hopes to increase tax generation while addressing the long-standing problem of black money in the real estate industry.
By ensuring that all property transactions are correctly recorded and taxed effectively, the FBR authorities want to fulfil their goal of taxation.
"This law has been formulated by the government with the aim of bringing non-compliant people into the tax net," said Mukhtiar Hussain Thahim, Assistant Director at FBR. People who have been avoiding paying taxes will now be obligated to do so, improving overall tax collection.
One of the main effects of this regulation is that anyone who want to purchase or sell property will now need to visit their local FBR office in order to get the required NOC before moving forward with their transaction.
The authorities also stress that this move will encourage non-filers to submit taxes, which will raise income for the government.
Notably, the new regulation could necessitate more work from the general public and real estate experts.
Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.
In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.
On Saturday, Euro stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.
UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.
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