{"id":86667,"date":"2022-06-16T14:52:05","date_gmt":"2022-06-16T09:52:05","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=86667"},"modified":"2022-06-16T14:52:10","modified_gmt":"2022-06-16T09:52:10","slug":"senate-fbrs-tax-real-estate","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/senate-fbrs-tax-real-estate.html","title":{"rendered":"Senate committee turns down FBR\u2019s tax increase on real estate"},"content":{"rendered":"\n<p>Islamabad: The Senate Standing Committee on Finance and Revenue on Wednesday (June 15) turned down the Federal Board of Revenue\u2019s (FBR) request to increase the advance tax on the sale and purchase of property from 1% to 2% for filers \u2013 as proposed in the budget 2022-23, news sources reported.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/wb-estimates-punjab-real-estate-sectors-tax-potential.html\" data-type=\"post\" data-id=\"84449\" target=\"_blank\" rel=\"noreferrer noopener\">World Bank shares estimates on Punjab real estate sectors\u2019 tax potential<\/a>\u00a0\u00a0\u00a0<\/p>\n\n\n\n<p>Reportedly, the committee has approved an increase in the advance tax on the sale and acquisition of real estate land from 2% to 5% for non-filers. Similarly, the committee suggested revisions to the Finance Bill 2022, suggesting that the government levy a 1% presumed <a href=\"https:\/\/www.zameen.com\/news\/fbr-45-increase-income-tax-returns-2021.html\" data-type=\"post\" data-id=\"80699\" target=\"_blank\" rel=\"noreferrer noopener\">income tax on plots<\/a> valued at more than PKR 25 million after five years of land transfer without development. If the plot is not built within five periods, it will not be charged.\u00a0\u00a0<\/p>\n\n\n\n<p>Similarly, the Senate panel proposed changes to the <a href=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\" data-type=\"post\" data-id=\"76962\" target=\"_blank\" rel=\"noreferrer noopener\">Capital Gains Tax (CGT)<\/a> on the holding time, recommending that the holding duration of the plot should be decreased from 6 to 5 years and that the previous CGT slabs be reinstated.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-luxury-tax-big-houses-posh-areas.html\" data-type=\"post\" data-id=\"86400\" target=\"_blank\" rel=\"noreferrer noopener\">Budget 2022-23: FBR mulls imposing luxury tax on big houses in posh areas<\/a>\u00a0<\/p>\n\n\n\n<p>It is important to note that the senate committee recommendation will be presented before the appropriate forums before making it part of the tax laws. The government has also set a tax target of PKR 7.2 trillion for the coming fiscal year.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Senate Standing Committee on Finance and Revenue on Wednesday (June 15) turned down the Federal Board of Revenue\u2019s (FBR) request to increase the advance tax on the sale and purchase of property from 1% to 2% for filers \u2013 as proposed in the budget 2022-23, news sources reported. Read: World Bank shares estimates on Punjab real estate sectors\u2019 tax potential\u00a0\u00a0\u00a0 Reportedly, the committee has approved an increase in the advance tax on the sale and acquisition of real estate land from 2% to 5% for non-filers. Similarly, the committee suggested revisions to the Finance Bill 2022, suggesting that the government levy a 1% presumed income tax on plots valued at more than PKR 25 million after five years of land transfer without development. If the plot is not built within five periods, it will not be charged.\u00a0\u00a0 Similarly, the Senate panel proposed changes to the Capital Gains Tax (CGT) on the holding time, recommending that the holding duration of the plot should be decreased from 6 to 5 years and that the previous CGT slabs be reinstated.\u00a0 Read: Budget 2022-23: FBR mulls imposing luxury tax on big houses in posh areas\u00a0 It is important to note that the&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15013],"tags":[52725,52726],"persona":[],"class_list":{"0":"post-86667","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-construction","8":"tag-senate-committee-turns-down-fbrs-tax-increase-on-real-estate","9":"tag-tax-on-real-extate","10":"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>Senate committee turns down FBR\u2019s tax on real estate - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Senate Standing Committee on Finance and Revenue on Wednesday (June 15) turned down the Federal Board of Revenue\u2019s (FBR) request 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\/senate-fbrs-tax-real-estate.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate committee turns down FBR\u2019s tax on real estate - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Senate Standing Committee on Finance and Revenue on Wednesday (June 15) turned down the Federal Board of Revenue\u2019s (FBR) request to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/senate-fbrs-tax-real-estate.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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