Islamabad: Monthly property transfer statements are now required to be attached, according to the Federal Board of Revenue (FBR). When registering or attesting an immovable property, this will be required. The Tax Rules, 2002, were put into effect by the nation’s highest tax body in an effort to increase responsibility and transparency in real estate transactions. This revised regulation will primarily affect those who reside in cities.
The urban area that meets the following criteria has been designated by the FBR:
- Municipal Body
- Cantonment Board
- Islamabad Capital Territory
- Karachi area covering up to 40 kilometers
- Areas defined by the FBR in the Official Gazette
- 10 kilometers from the outer limits of municipal bodies
- Areas defined under the “Urban Immovable Property Tax Act, 1958”
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The FBR has also said that in the event that the National Tax Number (NTN) is not available, the registrar is required to attach a Computerized National Identity Card (CNIC) number.
The new law is applicable to properties that satisfy certain requirements, like:
A commercial property of any size, or an apartment complex measuring 1500 square feet or more; a plot of 500 square yards or one kanal; the registrar overseeing the property transfer will be responsible for providing all the information regarding the aforementioned transactions, including.
- Purchaser NTN
- NTN of the Seller
- Name of the Seller
- Address of the Seller
- Date of registration
- The amount stated in the deed for the aforementioned property
- comprehensive information regarding a property’s location.
Accelerated action is being taken in these areas to combat the components of tax evasion, streamline real estate transactions, and increase financial transparency. The change will undoubtedly have an impact on the real estate industry while also further regulating and accounting for it in terms of taxes. FBR has set out to guarantee an uncomplicated tax system in order to boost Pakistan’s flagging economy.
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