Karachi: The proposed real estate tax reforms under the tax amnesty scheme will help dissuade the depositing of illegal money in the real estate industry, according to a news report. As per the details, these measures introduced under the budget for 2018-2019 will require overseas and Pakistani residents to become tax filers in order to purchase property of more than PKR 4 million.<\/p>\n
The government has recommended the abolishment of Federal Board of Revenue (FBR)\u2019s DC rates for the determination of provincial and advance income tax rates which will help register properties at their true market value. Resultantly, the overvalued properties may experience a reduction as previously, this sector was where most of the country\u2019s illegal and tax evaded money was parked.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi: The proposed real estate tax reforms under the tax amnesty scheme will help dissuade the depositing of illegal money in the real estate industry, according to a news report. As per the details, these measures introduced under the budget for 2018-2019 will require overseas and Pakistani residents to become tax filers in order to purchase property of more than PKR 4 million. The government has recommended the abolishment of Federal Board of Revenue (FBR)\u2019s DC rates for the determination of provincial and advance income tax rates which will help register properties at their true market value. Resultantly, the overvalued properties may experience a reduction as previously, this sector was where most of the country\u2019s illegal and tax evaded money was parked.<\/p>\n","protected":false},"author":60,"featured_media":7921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15018],"tags":[6451,3362,3056,33],"persona":[],"class_list":["post-37738","post","type-post","status-publish","format-standard","has-post-thumbnail","category-opinion","tag-dc-rates","tag-fbr","tag-property-taxes","tag-real-estate","cat-15018-id"],"acf":[],"yoast_head":"\n