Non-filers denied property purchases under FBR’s new tax strategy

Pakistan, September 26, 2024: In the latest move by the Federal Board of Revenue (FBR), non-filers cannot purchase properties across Pakistan. The FBR’s new tax strategy aims to improve the tax net and bring individuals into the formal economy.

Also Read: FBR Reports 71% Increase in Tax Filers: FY24 Deadline Approaches

The new tax strategy includes several provisions, including a ban on property purchases by non-filers, mandatory tax filing with proof from FBR’s ATL (Active Taxpayer List), and strict monitoring of property transactions using NADRA data.

The FBR Spokesperson stated, “Real estate is a critical part of Pakistan’s economy, and we believe this new strategy will not only increase tax revenue but also bring more transparency and fairness to the market. It’s time for all citizens to contribute their fair share.”

Along with the restrictions, FBR has also created incentives for tax filers. The tax rates are low for filers compared to non-filers. Besides, taxpayers also get access to government programs, including business loans and subsidized housing schemes.

While commenting on the latest policy, a realtor from Karachi stated, “This new tax strategy could initially reduce the volume of property transactions, especially in urban areas where non-filers were driving up property prices. However, it could stabilize the market and encourage genuine investors to enter.”

The authorities are taking all the possible initiatives to ensure tax compliance nationwide. Stay connected with RBS for more updates.