{"id":63254,"date":"2020-03-26T15:42:26","date_gmt":"2020-03-26T10:42:26","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=63254"},"modified":"2020-03-26T15:42:28","modified_gmt":"2020-03-26T10:42:28","slug":"amnesty-scheme-revision-of-valuation-table-on-cards-for-real-estate-sector","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/amnesty-scheme-revision-of-valuation-table-on-cards-for-real-estate-sector.html","title":{"rendered":"Amnesty scheme, revision of valuation table on cards for real estate sector"},"content":{"rendered":"\n<p>Islamabad: Possibilities of an amnesty scheme extension, along with revising excessive <a href=\"https:\/\/www.zameen.com\/news\/punjab-property-value-assessment-2020.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"valuation (opens in a new tab)\">valuation<\/a> of immovable properties for the real estate sector, is currently under government consideration, according to news sources. <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/govt-asked-retract-taxes-real-estate-transactions.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Govt asked to retract taxes on real estate transactions (opens in a new tab)\">Govt asked to retract taxes on real estate transactions<\/a><\/p>\n\n\n\n<p>Sources\nreveal that the Federal Board of Revenue (FBR) has yet not been engaged to\nformulate a general amnesty scheme covering all kinds of movable and immovable\nproperties (owned by locals or expatriates). Incentives for the real estate\nsector are expected in the relief package being finalised for the construction\nsector.<\/p>\n\n\n\n<p>Reportedly, the government may also waive off the condition of the revealing source of investment on legalisation of real estate assets purchased during last year \u2013 to encourage investment. <\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fixed-tax-regime-real-estate-sector-postponed.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Fixed tax regime for real estate sector postponed (opens in a new tab)\">Fixed tax regime for real estate sector postponed<\/a><\/p>\n\n\n\n<p>Moreover,\nthe government is also considering to provide tax relief and special incentives\nto businesses associated with the construction sector. This relief package is\naimed at supporting the government\u2019s low-cost housing programme. A simple fixed\ntax regime is also finalised for the developers and builders \u2013offers a 90%\nreduction in tax for low-cost housing schemes.<\/p>\n\n\n\n<p>As\nper sources, following incentives are likely to be offered:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>National (central) jurisdiction of builders and\ndevelopers<\/li><li>Simplified return forms<\/li><li>Project-by-Project income computation<\/li><li>Dispute resolution committee<\/li><li>Builders and developers no longer required to act as \u2018withholding\nagent\u2019<\/li><li>For commercial buildings in Lahore, Karachi,\nIslamabad, Hyderabad, Sukkur, Faisalabad, Rawalpindi, Gujranwala, Peshawar,\nSahiwal, Mardan, Abbottabad, Quetta and other unspecified urban areas, the tax\nrate will be PKR 20 per sq ft<\/li><li>For low-cost housing schemes, the tax rate will be\nslashed by 90%<\/li><li>The requirement of independent certification from the National Engineering Services Pakistan (NESPAK) and a tax rate\nof PKR 210 per sq ft for commercial developers. <\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Possibilities of an amnesty scheme extension, along with revising excessive valuation of immovable properties for the real estate sector, is currently under government consideration, according to news sources. Read: Govt asked to retract taxes on real estate transactions Sources reveal that the Federal Board of Revenue (FBR) has yet not been engaged to formulate a general amnesty scheme covering all kinds of movable and immovable properties (owned by locals or expatriates). Incentives for the real estate sector are expected in the relief package being finalised for the construction sector. Reportedly, the government may also waive off the condition of the revealing source of investment on legalisation of real estate assets purchased during last year \u2013 to encourage investment. Read: Fixed tax regime for real estate sector postponed Moreover, the government is also considering to provide tax relief and special incentives to businesses associated with the construction sector. This relief package is aimed at supporting the government\u2019s low-cost housing programme. A simple fixed tax regime is also finalised for the developers and builders \u2013offers a 90% reduction in tax for low-cost housing schemes. As per sources, following incentives are likely to be offered: National (central) jurisdiction of builders and developers&hellip;<\/p>\n","protected":false},"author":75,"featured_media":63188,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013],"tags":[3493,24276,1302,24275],"persona":[],"class_list":{"0":"post-63254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"tag-amnesty-scheme","9":"tag-construction-sector","10":"tag-real-estate-sector","11":"tag-revision-of-valuation-table-on-cards-for-real-estate-sector","12":"cat-15013-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amnesty scheme, revision of valuation table on cards for real estate sector - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Possibilities of an amnesty scheme extension, along with revising excessive valuation of immovable properties for the real estate sector, is\" \/>\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\/amnesty-scheme-revision-of-valuation-table-on-cards-for-real-estate-sector.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amnesty scheme, revision of valuation table on cards for real estate sector - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Possibilities of an amnesty scheme extension, along with revising excessive valuation of immovable properties for the real estate sector, is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/amnesty-scheme-revision-of-valuation-table-on-cards-for-real-estate-sector.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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