{"id":51265,"date":"2019-04-12T13:03:20","date_gmt":"2019-04-12T08:03:20","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=51265"},"modified":"2019-04-12T13:03:20","modified_gmt":"2019-04-12T08:03:20","slug":"fbr-for-increasing-property-holding-period-for-cgt-collection","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-for-increasing-property-holding-period-for-cgt-collection.html","title":{"rendered":"FBR for increasing property holding period for CGT collection"},"content":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has suggested the government to raise the holding period of immovable property and securities in a bid to generate more capital gains tax (CGT), a news source reported.<\/p>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/fbr-proposes-pkr-5-1-trillion-revenue-collection-target.html\">FBR proposes PKR 5.1 trillion revenue collection target<\/a><\/p>\n<p>By increasing the holding period, the board will be able to generate revenue of PKR 20 billion. It has also recommended to impose presumptive taxes on offshore assets in a bid to generate additional revenue of PKR 5 billion.<\/p>\n<p>FBR has already discussed its tax proposals \u2013 including inland tax, income tax, sales tax, and federal excise duty (FED) &#8211; with the Economic Coordination Committee (ECC).<\/p>\n<p>Moreover, it has suggested the government to withdraw tax exemptions on withholding taxes for cottage industry; impose sales tax on retail prices of several goods, and introduce uniform value added taxes.<\/p>\n<p><strong>Read<\/strong>:\u00a0<a href=\"https:\/\/www.zameen.com\/news\/dc-rate-on-immovable-properties-set-to-increase.html\">DC rate on immovable properties set to increase<\/a><\/p>\n<p>At present, the government is reviewing the board\u2019s suggestion to impose PKR 729 billion additional taxes in the upcoming federal budget for the financial year FY2019-20. Out of the said amount, PKR 634 billion will be collected as additional taxes under Inland Revenue while PKR 95 billion will be generated through custom duties.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has suggested the government to raise the holding period of immovable property and securities in a bid to generate more capital gains tax (CGT), a news source reported. Read:\u00a0FBR proposes PKR 5.1 trillion revenue collection target By increasing the holding period, the board will be able to generate revenue of PKR 20 billion. It has also recommended to impose presumptive taxes on offshore assets in a bid to generate additional revenue of PKR 5 billion. FBR has already discussed its tax proposals \u2013 including inland tax, income tax, sales tax, and federal excise duty (FED) &#8211; with the Economic Coordination Committee (ECC). Moreover, it has suggested the government to withdraw tax exemptions on withholding taxes for cottage industry; impose sales tax on retail prices of several goods, and introduce uniform value added taxes. Read:\u00a0DC rate on immovable properties set to increase At present, the government is reviewing the board\u2019s suggestion to impose PKR 729 billion additional taxes in the upcoming federal budget for the financial year FY2019-20. Out of the said amount, PKR 634 billion will be collected as additional taxes under Inland Revenue while PKR 95 billion will be generated through custom&hellip;<\/p>\n","protected":false},"author":67,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[11273],"persona":[],"class_list":["post-51265","post","type-post","status-publish","format-standard","has-post-thumbnail","tag-fbr-for-increasing-property-holding-period-for-cgt-collection"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR for increasing property holding period for CGT collection - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has suggested the government to raise the holding period of immovable property and securities in a bid to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-for-increasing-property-holding-period-for-cgt-collection.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR for increasing property holding period for CGT collection - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) has suggested the government to raise the holding period of immovable property and securities in a bid to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-for-increasing-property-holding-period-for-cgt-collection.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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