{"id":94432,"date":"2023-08-04T12:45:28","date_gmt":"2023-08-04T07:45:28","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=94432"},"modified":"2023-08-04T12:45:29","modified_gmt":"2023-08-04T07:45:29","slug":"real-estate-taxes-need-serious-attention","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/real-estate-taxes-need-serious-attention.html","title":{"rendered":"Govt urged to appoint Specialised Advisor to address real estate tax issues"},"content":{"rendered":"\n<p>Islamabad: Tax experts have called on the government to establish a specialized position of &#8216;Advisor to the Prime Minister on Real Estate and Construction&#8217; during the caretaker setup to effectively address the complex taxation challenges faced by the real estate sector, according to news published on August 1.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/govt-revises-real-estate-tax-structure-to-bolster-revenue-ensure-compliance.html\" target=\"_blank\" rel=\"noreferrer noopener\">Govt revises real estate tax structure to bolster revenue, ensure compliance<\/a><\/p>\n\n\n\n<p>The tax experts highlighted that frequent changes in tax policies for the construction and real estate industry have created complications for taxpayers. The unpredictable shifts in the tax regime, coupled with higher taxes on property transactions, have contributed to an uncertain situation within the real estate market.<\/p>\n\n\n\n<p>Moreover, the recent addition of section 7E to the Income Tax Ordinance, 2001, has further intensified concerns in the real estate markets, resulting in a sense of panic among stakeholders. The experts emphasized that the intricacies of tax matters in this industry can only be comprehended by someone experienced in dealing with real estate affairs.<\/p>\n\n\n\n<p>It is important to note that the Federal Board of Revenue (FBR), being the revenue collection agency, lacks a complete understanding of the practical challenges faced by taxpayers. Therefore, it is imperative to appoint an experienced real estate expert as the Advisor.<\/p>\n\n\n\n<p>According to the proposal, the designated advisor should be entrusted with handling all taxation-related matters of the sector in close consultation with the FBR. This position should hold the authority to make prompt decisions in collaboration with the FBR and provincial revenue authorities. The appointed individual should be able to engage with stakeholders and government departments simultaneously to take immediate action on the pressing issues faced by both the construction sector and real estate businesses.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/new-taxes-on-agriculture-construction.html\" target=\"_blank\" rel=\"noreferrer noopener\">FM refutes reports of new taxes on agriculture, construction<\/a><\/p>\n\n\n\n<p>Overall, appointing a specialized advisor with expertise in the real estate sector would lead to better decision-making, streamlined tax policies, and effective resolutions of taxation challenges in the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Having been affected by the recent changes in real estate taxes, the tax payers urged the govt to appoint a special advisor to tackle these issues.<\/p>\n","protected":false},"author":88,"featured_media":86395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[57283,3339],"persona":[],"class_list":{"0":"post-94432","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-legal-news","9":"tag-real-estate-taxes","10":"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>Real Estate Taxes Need Serious Attention - Zameen News<\/title>\n<meta name=\"description\" content=\"Following recent developments in taxations, tax payers have showed concerns and demanded an advisor to deal with real estate taxes.\" \/>\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\/real-estate-taxes-need-serious-attention.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Taxes Need Serious Attention - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Following recent developments in taxations, tax payers have showed concerns and demanded an advisor to deal with real estate taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/real-estate-taxes-need-serious-attention.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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