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Realtors Advocate Tax Reforms for Real Estate Sector’s Recovery
ISLAMABAD: In an effort to boost the real Estate industry, the Federation of Realtors Pakistan has proposed eliminating the tax on presumed income from immovable property.
This suggestion was made by the President of the Federation, Sardar Tahir Mehmood, during a meeting with the head of the Federal Board of Revenue (FBR), which was held to discuss and come up with solutions for tax problems connected to real estate transactions.
Read More: FBR Start Online Fee and Exemption Service for Tax on Property
Representatives from the real estate industry emphasised the urgent need for the immovable property taxation system to be rationalised at the conference in light of the current state of the economy.
They emphasised that historically, domestic and foreign investments have been significantly fueled by the real estate sector.
However, many are now reluctant to invest in this industry as a result of the deteriorating economic conditions.
The Finance Acts of 2022 and 2023, which the delegates believed had created a negative investment environment for the real estate sector, also raised worries regarding taxation.
The group also suggested doing away with the tax on presumed income from immovable property.
They also asked that the property value table be the same for the time being or, if revisions are judged necessary, that they be made after extensive engagement with stakeholders.
Read More: FBR Chairman Assures to Solve Tax Issues of Real Estate Sector
The Chairman of FBR reassured the attendees that their concerns would be taken seriously and that the best facilitation would be offered to lessen difficulties associated with the application of tax rules.
He gave his team the go-ahead to contact with realtors about this and coordinate appropriately.
However, the Chairman also noted that it might not be possible right now to implement additional tax exemptions, concessions, or preferential tax treatments because of the Stand-by Arrangement with the IMF.
It is notable that the Minister of Finance and Revenue directed the FBR to schedule a meeting with realtors during the 90th sitting of the National Assembly Standing Committee on Finance and Revenue held on August 4, 2023.
The committee had been notified by the Realtors that nationwide property transfers had been suspended and that property registers had reduced dramatically by up to 95%.
In addition to harming local investors, the increase in taxation has also caused capital outflows.
As a result, foreign investors are reluctant to make investments in Pakistan.
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