The Federal Board of Revenue (FBR) has rejected proposals by the Association of Builders and Developers (ABAD) to ease restrictions on property purchases, following a recent meeting of the National Assembly’s Standing Committee on Finance.
During a meeting chaired by Bilal Azhar Kiani, a member of the ruling Pakistan Muslim League-Nawaz (PML-N), FBR officials confirmed that the requirement for questioning property purchases above Rs10 million cannot be waived.
The officials stated that tax filers would still be required to disclose their sources of income via a revised wealth statement, and that changes to property evaluation for tax purposes—such as allowing gold, stocks, bonds, or inherited properties to be considered—are not permissible under current laws.
In the meeting, ABAD suggested that there should be no inquiries for properties worth up to Rs25 million and the first house purchased for up to Rs50 million.
They expressed concern that FBR’s new regulations could drive investment out of Pakistan. However, FBR officials responded that property purchases would be recorded under the NTN (National Tax Number) when the property is purchased
