FBR seeks ‘fair market value’ disclosure from July 1
ISLAMABAD: The Federal Board of Revenue (FBR) has introduced a new kind of condition in the proposed income tax return form for individuals to declare, “Fair Market Value of property” during buying/selling of immovable properties or declared properties from July 1, 2025.
When contacted, Muhammad Ahsan Malik, a real estate expert, told Business Recorder that the provision has been introduced in the new income tax return form issued few days back by the FBR. It is strange to ask about the “Fair Market Value of property” from the filer of income tax return form for tax year 2025. It seems that the FBR has no trust in taxpayers and they are asking “Fair Market Value of property” despite declarations of values of the properties.
The taxpayer is already declaring purchase value of the property in the income tax return form and FBR is creating confusion among the general public by introducing new page of “Fair Market Value of property,” in the new return, he said
Muhammad Ahsan Malik regretted that fresh filers are still considered as late filers for the purpose of imposing taxes on buying and selling of immovable properties. The fresh filers must not be treated as late filers for imposing higher rates of taxes on sales and purchase of immovable properties.
Real estate expert was of the view that overseas Pakistani have not been given any tax relief in budget (2025-26). The overseas Pakistanis still need to obtain approval from concerned Commissioner Inland Revenue (FBR) to verify status of non-resident for payment of tax rates of “filers” on immovable property transactions.
Instead of giving any relaxation to the overseas Pakistanis, another condition has been slapped to obtain certificate from the concerned Commissioner Inland Revenue. The said Commissioner would verify the non-resident status of the overseas Pakistanis.
Muhammad Ahsan Malik accused that it is impossible to obtain the certificate from the concerned Commissioner Inland Revenue from overseas Pakistanis without speed money, he alleged.—SOHAIL SARFRAZ
