Search

ad

FBR presents new regulation requiring NOC in real estate deals

04:12 PM | 8 Aug, 2023
FBR presents new regulation requiring NOC in real estate deals

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.

Daily Pakistan Global Web Desk

Advertisement

Currency Rates in Pakistan - Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal - 24 Feb 2024

Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.

US Dollar rate in Pakistan

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.

Today’s currency exchange rates in Pakistan - 24 February 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.5 282.55
Euro EUR 302 305
UK Pound Sterling GBP 352.5 356
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.88 751.88
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.76 36.11
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 908.79 917.79
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 726.53 734.53
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 317.87 320.37
Thai Bhat THB 7.79 7.94

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter