- 1.695 million real estate transactions carried out last year.
- 93% of transactions assessed below RS5 million.
- 12 individuals disclosed assets more than 10 billion rupees.
Islamabad: The Federal Board of Return (FBR) revealed that 97.5% of real estate transactions in Pakistan are evaluated below RS10 million, which indicates that only 2.5% of high net individuals are for the goal FBR, The news reported.
These data were shared at a meeting of the subcommittee of the permanent finance committee of the National Assembly, held Monday at the FBR headquarters.
The president of the FBR, Rashid Mahmood, Langrial, said that “the bill on tax laws (amendment), 2024” will increase only 2.5% of individuals.
About 95% of households would not be affected by the ban on economic transactions for non -eligible persons and businesses, they would rather help increase tax collection, because a lack of around 1.6 billion of rupees exists in The category of five percent compared to RS140 billion in the rest of the 90 to 95%.
People who invest in the real estate sector, he said, must disclose their source of investment, however, he committed that the FBR was trying to reduce taxes on the real estate sector. Last year, 1.695 million real estate transactions were carried out when 93% of the transactions had a value of less than 5 million rupees.
Among this, 3.8% of transactions have a value less than RS1 crosses. The number of real estate real estate transactions where the taxable amount exceeds 50 million rupees was 3,250 (0.2%) of the total transactions in 2023-24, revealed the president of the FBR.
On the other hand, in real estate real estate transactions in 2023-24, where the taxable amount was up to 5 million rupees, the number of transactions was 1,589,328 (93.7%) of the total. Real estate real estate transactions in 2023-24 years, when the taxable amount exceeded 40 million rupees but did not exceed 50 million rupees, the number of transactions was 1,383 (0.1%) of the total.
The president of the FBR revealed that only 12 people / individuals disclosed their assets greater than 10 billion rupees. There is a massive undervaluation in real estate transactions in the real estate sector.
Langrial has added that there is a generalized sub-declaration in income declarations which are not proportional to the lifestyle of many people who buy real estate and movable properties, operate current accounts, make investments and carry out companies without obstacle.
ARIF HABIB, president of ARIF HABIB DOLMEN REIT Management Limited, recommended that the source of investment in real estate transactions will not be requested up to 50 million rupees. The installation should be authorized for at least a year, which would cause registration in the real estate sector.
Real estate representatives have apprehended that “the bill on tax laws (amendment), 2024” would have serious implications for the real estate sector and tax managers would have radical powers to cope with the real estate sector.