ISLAMABAD According to The News, the Federal Board of Revenue (FBR) revealed that 97.5% of real estate deals in Pakistan are under Rs 10 million, meaning that only 2.5 percent of wealthy people are under its purview.
This information was presented on Monday at the FBR Headquarters at a meeting of the National Assembly Standing Committee on Finance subcommittee.
According to FBR Chairman Rashid Mahmood Langrial, only 2.5 percent of people will be impacted by “The Tax Laws (Amendment) Bill, 2024.”
Since there is a missing gap of over Rs1.6 trillion in the five percent category compared to Rs140 billion in the other category, the prohibition on the economic transactions of ineligible individuals and firms would not harm almost 95% of families and instead aid in improving tax collection.
