{"id":62655,"date":"2020-03-13T14:35:33","date_gmt":"2020-03-13T09:35:33","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=62655"},"modified":"2020-03-13T14:35:34","modified_gmt":"2020-03-13T09:35:34","slug":"fixed-tax-regime-real-estate-sector-postponed","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html","title":{"rendered":"Fixed tax regime for real estate sector postponed"},"content":{"rendered":"\n<p>Karachi: The government has announced that no <a href=\"https:\/\/www.zameen.com\/news\/fbr-launch-fixed-tax-scheme-real-estate-sector-next-week.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"fixed tax regime  (opens in a new tab)\">fixed tax regime <\/a>will be introduced for builders and developers in the current fiscal year, according to news sources. Reportedly, proposals for a fixed tax regime are likely to be reviewed in the next fiscal year. <\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-prepares-fixed-tax-law-draft-shopkeepers.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR prepares \u2018Fixed Tax\u2019 law draft for shopkeepers (opens in a new tab)\">FBR prepares \u2018Fixed Tax\u2019 law draft for shopkeepers<\/a><\/p>\n\n\n\n<p>An\nofficial at the Federal Board of Revenue (FBR) Inland Revenue (IR) Large\nTaxpayers Unit (LTU-II) Karachi confirmed that no such proposal is under\nconsideration and government is firm on no exemptions from disclosing\ninvestment sources in real estate dealings. Previously, a proposal in this\nregard was floated in October 2019, to offer relief to developers and builders.<\/p>\n\n\n\n<p>The LTU-II Karachi has jurisdiction over all developers and business operating in Balochistan or Sindh. The official reiterated that the tax rates for builders and developers would be charged as per the prevailing law. Presently, the developers and builders are liable to pay income tax returns for completion of projects\/plans in phases.<\/p>\n\n\n\n<p> <strong>Read: <\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pm-approves-surveys-real-estate-wealth-tax-assessment.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"PM approves surveys for real estate wealth, tax assessment (opens in a new tab)\">PM approves surveys for real estate wealth, tax assessment<\/a><\/p>\n\n\n\n<p>However,\nthe prevailing tax regime has complexities that are creating conflict between\nauthorities and taxpayers. As per the sources, taxpayers (brought recently\nunder the documented economy) are required to declare their income sources and\nprovide their client\u2019s transaction details.<\/p>\n\n\n\n<p>LTU-II\nKarachi has been working on monitoring transactions and conducted detailed\naudits of builders and developers within its jurisdiction, under FBR\u2019s\ninstructions. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The government has announced that no fixed tax regime will be introduced for builders and developers in the current fiscal year, according to news sources. Reportedly, proposals for a fixed tax regime are likely to be reviewed in the next fiscal year. Read: FBR prepares \u2018Fixed Tax\u2019 law draft for shopkeepers An official at the Federal Board of Revenue (FBR) Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no such proposal is under consideration and government is firm on no exemptions from disclosing investment sources in real estate dealings. Previously, a proposal in this regard was floated in October 2019, to offer relief to developers and builders. The LTU-II Karachi has jurisdiction over all developers and business operating in Balochistan or Sindh. The official reiterated that the tax rates for builders and developers would be charged as per the prevailing law. Presently, the developers and builders are liable to pay income tax returns for completion of projects\/plans in phases. Read: PM approves surveys for real estate wealth, tax assessment However, the prevailing tax regime has complexities that are creating conflict between authorities and taxpayers. As per the sources, taxpayers (brought recently under the documented economy) are required&hellip;<\/p>\n","protected":false},"author":75,"featured_media":59990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,22789,21038,21037,1302],"persona":[],"class_list":{"0":"post-62655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr","9":"tag-fixed-tax-regime","10":"tag-large-taxpayers-units","11":"tag-member-inland-revenue-ir-operations","12":"tag-real-estate-sector","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Fixed tax regime for real estate sector postponed - Zameen News<\/title>\n<meta name=\"description\" content=\"An official at the FBR Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no fixed tax regime proposal is under consideration\" \/>\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\/fixed-tax-regime-real-estate-sector-postponed.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fixed tax regime for real estate sector postponed - Zameen News\" \/>\n<meta property=\"og:description\" content=\"An official at the FBR Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no fixed tax regime proposal is under consideration\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-13T09:35:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-13T09:35:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hazafa Hasan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hazafa Hasan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fixed tax regime for real estate sector postponed - Zameen News","description":"An official at the FBR Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no fixed tax regime proposal is under consideration","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html","og_locale":"en_US","og_type":"article","og_title":"Fixed tax regime for real estate sector postponed - Zameen News","og_description":"An official at the FBR Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no fixed tax regime proposal is under consideration","og_url":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2020-03-13T09:35:33+00:00","article_modified_time":"2020-03-13T09:35:34+00:00","og_image":[{"width":1100,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","type":"image\/jpeg"}],"author":"Hazafa Hasan","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Hazafa Hasan","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html"},"author":{"name":"Hazafa Hasan","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/422fcc128fcaf82dae8406d1cf62a52b"},"headline":"Fixed tax regime for real estate sector postponed","datePublished":"2020-03-13T09:35:33+00:00","dateModified":"2020-03-13T09:35:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html"},"wordCount":243,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","keywords":["FBR","Fixed tax regime","Large Taxpayers Units","Member Inland Revenue (IR) Operations","real estate sector"],"articleSection":["Legal &amp; Taxation"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html","url":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html","name":"Fixed tax regime for real estate sector postponed - Zameen News","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#primaryimage"},"image":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","datePublished":"2020-03-13T09:35:33+00:00","dateModified":"2020-03-13T09:35:34+00:00","description":"An official at the FBR Inland Revenue (IR) Large Taxpayers Unit (LTU-II) Karachi confirmed that no fixed tax regime proposal is under consideration","breadcrumb":{"@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#primaryimage","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/FBR.jpg","width":1100,"height":400,"caption":"The Federal Board of Revenue"},{"@type":"BreadcrumbList","@id":"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.zameen.com\/news"},{"@type":"ListItem","position":2,"name":"Fixed tax regime for real estate sector postponed"}]},{"@type":"WebSite","@id":"https:\/\/www.zameen.com\/news\/#website","url":"https:\/\/www.zameen.com\/news\/","name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","description":"","publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.zameen.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.zameen.com\/news\/#organization","name":"Zameen.com","alternateName":"Zameen","url":"https:\/\/www.zameen.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/upload\/2015\/09\/Zameen.com_-_Logo.png","width":600,"height":300,"caption":"Zameen.com"},"image":{"@id":"https:\/\/www.zameen.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/ZameenPK","https:\/\/x.com\/ZameenProperty","https:\/\/www.instagram.com\/zameenpk\/"]},{"@type":"Person","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/422fcc128fcaf82dae8406d1cf62a52b","name":"Hazafa Hasan","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","contentUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2020\/01\/Avatar-Icon-96x96.jpg","caption":"Hazafa Hasan"},"description":"Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.","url":"https:\/\/www.zameen.com\/news\/author\/hazafa"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/62655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/users\/75"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/comments?post=62655"}],"version-history":[{"count":1,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/62655\/revisions"}],"predecessor-version":[{"id":62656,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/posts\/62655\/revisions\/62656"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media\/59990"}],"wp:attachment":[{"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/media?parent=62655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/categories?post=62655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/tags?post=62655"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.zameen.com\/news\/wp-json\/wp\/v2\/persona?post=62655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}