The FBR will increase the DC value according to market value of the property.
Lahore (Pakistan Point News – 17th April, 2019) Finance Minister Asad Umar has hinted at suspending tax imposed on registration of property.
Media reports said that the next fiscal budget will bridge the gap between market value and Federal board of Revenue (FBR) value of the property.
The FBR will increase the DC value according to market value of the property.
The FBR will reduce tax ratio while increasing property value. A 12% federal and provincial tax is being collected on property.
Moreover, the government is also mulling over ending the scheme allowing people to whiten their black money by paying 3% tax.
The Pakistan Muslim League-Nawaz (PML-N) had introduced this scheme to bring people in the tax net.
Meanwhile, a special meeting of the cabinet will be held today to hold a discussion on the proposed Assets Declaration and Amnesty Scheme, 2019.
Prime Minister Imran Khan has called this meeting for further discussion on the scheme.
