The Federal Board of Revenue (FBR) has implemented income tax, customs duty and sales tax/excise duty budgetary measures introduced through the Finance Act 2019 from July 1, 2019. From July 1, the FBR enforced changes in tax rates, tax relief measures, rationalization of customs duty, enhanced rates of taxes, implementation of documentation measures, revision in tax laws and legal/procedural changes in tax laws. However, the condition for seeking CNICs of un-registered buyers would be implemented from August 1, 2019.
The federal government has also established the Adjudicating Authority under the Benami Transactions (Prohibition) Act-2017. The Adjudicating Authority has been set up in the FBR for functioning in this regard. The Inland Revenue Officers are posted in the Benami Zones established under the Benami Transactions (Prohibition) Act-2017. Benami Zones have already started to implement the Benami Act-2017.
The FBR has also proposed to enhanced values of immovable properties in 18 cities except Karachi and Quetta from July 1, 2019. However, the real estate sector is unclear whether the new FBR rates have been enforced from July 1, 2019 or not. According to the FBR, the Board intends to revise the value of immovable properties in various cities of Pakistan from July 1, 2019. The proposed draft of valuation tables for various cities was placed for the stakeholders for views and comments by June 30.
The FBR had also issued SROs for the revised values of each city. The new revised rates were intended to be applicable from 1st July 2019. However, the real estate sector is still not clear whether or not all SROs of enhanced values of immovable properties have been made applicable from July 1, 2019. According to the valuation tables issued by the FBR, values have been proposed to be increased on properties located in Islamabad, Abbottabad, Lahore, Bahawalpur, Faisalabad, Peshawar, Rawalpindi, Multan, Mardan, Jhang, Gujrat, Sukkur, Gujranwala, Hyderabad, Sialkot, Sargodha, Sahiwal and Jhelum.
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