ISLAMABAD: The Federal Board of Revenue has recently implemented a new law aimed at curbing tax evasion and promoting transparency in property transactions.
This law mandates individuals to obtain a No Objection Certificate (NOC) from the FBR before engaging in property buying or selling.
The introduction of this law seeks to address the persistent issue of black money in the real estate sector and strengthen the government’s revenue generation endeavors.
FBR officials intend to achieve taxation goals by ensuring accurate recording and appropriate taxation of all property transactions.
Mukhtiar Hussain Thahim, Assistant Director at FBR, explained, “The Government of Pakistan has formulated this law to bring non-compliant individuals into the tax net. Those evading taxes will now be obligated to participate in the tax system, contributing to overall tax collection enhancement.”
A notable implication of this law is that citizens planning property transactions must now visit their local FBR office to obtain the necessary NOC before proceeding.
Officials emphasize that beyond increasing government revenue, this measure aims to encourage non-filers to become tax filers.
It’s important to highlight that the new law may require citizens and real estate professionals to invest additional effort.
