Karachi: Federal Board of Revenue (FBR) has rejected proposals by Association of Builders and Developers (ABAD) to ease restrictions on property purchases, following recent meeting of National Assembly’s Standing Committee on Finance.

During a meeting chaired by Bilal Azhar Kiani, member of ruling Pakistan Muslim League-Nawaz, FBR officials confirmed that the requirement for questioning property purchases above Rs 10 million cannot be waived. In the meeting, ABAD suggested that there should be no inquiries for properties worth up to Rs 25 million and first house purchased for up to Rs 50 million.

They expressed concern that FBR’s new regulations could drive investment out of Pakistan.  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.