KARACHI – A sigh of relief for Pakistani real estate market as Federal Board of Revenue (FBR) delayed Rs10 Million Property Transaction Rules.
The plan to impose restrictions on property transactions exceeding Rs10 million for ineligible individuals faced hurdles. Assembly’s Standing Committee on Finance and Revenues will now review the approval of the Tax Laws Amendment Bill after a delay of two months, allowing tax collection officials to develop an online system for individuals to amend their income tax returns or wealth statements and transition from ineligible to eligible status.
As per latest amendments, individuals will need to demonstrate eligibility by proving that their assets, worth Rs10 million, are sufficient to purchase property valued at Rs13 million.
Authorities are looking to launch platform where users can update their asset declarations to meet the eligibility criteria. The development of this online system will be carried out in collaboration with the National Database and Registration Authority (Nadra) and provincial excise departments.
The development comes as Standing Committee’s session faced disruption when Opposition Leader Omar Ayub boycotted the proceedings, citing the failure to produce a PTI MNA despite a production order.
As a result, the committee decided to delay the approval of Section 114C (restriction on economic transactions for non-filers) of the Tax Laws (Amendment) Bill 2024 until the FBR introduces the necessary technological updates to its online systems.
‘Good News’ for Pakistani property buyers, sellers as FED on transactions set to end
