FBR updates IRIS for the Real Estate Sector by adding new features of grant exemption or pay 1% tax.
The Federal Board of Revenue (FBR) has announced two major updates in taxation system that relate to the real estate sector.
In the recent updates, the FBR has also deferred the issuance of new valuation tables of immovable properties till the next month.
The FBR was announced a new system of higher values for the immovable properties that will be implemented since August 2023.
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It is also added that the newly established committees will determine these new values by the end of the current month.
To assist and facilitate the real estate sector, IRIS is also updated by introducing an online facility for all citizens to grant exemption or pay 1% tax under section 7E.
After this latest update, now the taxpayers do not need to to visit the concerned Commissioner Inland Revenue.
Now the taxpayers do not need to seek exemption certificate from the concerned Commissioner of Inland Revenue and consequently, it would minimize the corruption.
These decisions have been taken after the meeting of the FBR Chairman and the real estate sector and the meeting was held at the FBR Headquarters.
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After these decisions, now citizens of Pakistan will have to go through the process of section 7E of the Income Tax Ordinance both for the filer or non-filer of income tax returns.
The FBR has also now planned to launch an online facility for obtaining the exemption certificate for the easiness of the real estate sector.
