Everyone knows that the real market values of immovable property are far greater than the valuation tables used to collect the implemented percentage of several taxes at the time of a transaction of an immovable property, fixed by the Federal Board of Revenue (FBR). In order to stop the risky involvement of large amounts of cash from one place to another, given the state of law and order in the country, the FBR should implement fair market values of immovable property across Pakistan. This will also help in documenting any and all undocumented wealth.
However, before it does so, the FBR must abolish capital gain tax, decrease the percentage of taxes collected at the time of a transaction to a minimum level, and give incentives to purchasers of immovable property by not asking people about their source of investments. Doing this can help the FBR increase its revenue from the real-estate sector and more people can join the taxpayers club.
Mumraiz Khan
Karachi
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