Islamabad, July 14, 2025, 07:04 PM PKT — The Federal Board of Revenue (FBR) has imposed a contentious new mandate in the proposed income tax return form for individuals, effective July 1, 2025, requiring taxpayers to declare the Fair Market Value of Property during buying or selling immovable properties, per official updates. Real estate expert Muhammad Ahsan Malik slammed the move as unnecessary, noting existing declarations of purchase values already suffice, questioning the FBR’s distrust and flagging potential confusion for taxpayers.
Malik also criticized the treatment of fresh filers, arguing they should not face higher tax rates as late filers on property transactions, and raised concerns for overseas Pakistanis, who lack tax relief in the 2025-26 budget. He highlighted the bureaucratic hurdle of securing Commissioner Inland Revenue approval to verify non-resident status, alleging bribery demands complicate the process. Web context reveals tax compliance debates, while posts found on X show frustration—some decry overregulation, others question fairness. Critically, the narrative of “tax transparency” may mask implementation flaws—web data points to past policy gaps, and X sentiment suggests distrust in FBR execution, hinting at potential backlash.
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