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Govt finalises proposal to tax property developers, builders

KARACHI: With an aim to widen the tax base, the government has finalised a proposal to bring property developers and builders into the tax net, ARY News reported on Friday.

Sources said the government has been mulling over a fixed tax regime for the construction sector, which would be implemented after consultations with all stakeholders.

The Ministry of Finance and the Federal Board of Revenue have prepared draft rules under which builders and developers intending to invest in low-cost housing projects would be given tax concessions.

They will have to register with the FBR to benefit from the scheme.

Last month, Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi had announced that “a taxpayers’ friendly, easy, simple and effective audit framework” will be launched this month.

In a tweet, he said the purpose of the framework will be to facilitate reasonable taxpayers.

“It will be designed to have a paradigm shift in tax culture. Least personal interaction,” he added.

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