Tax amnesty

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Payment of 3% tax to make the undeclared money white is very lucrative. However question arises, if the purchaser does not have black money and wants to purchase a plot with white money then why he has to pay 3% on the amount exceeding the DC value. This is because the registration authority has to collect 3% without considering the source of purchase.
Your opinion and clarification is solicited please.
Regards

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Dear Masud,

I have shed some light on this in our MRA for Jan 2017. The real estate associations agreed to this tax only for the people who do not have the white money amounting to the difference between the DC Rate and FBR Value. However as per the recent FBR notification it states that it has to be collected from everyone.

This is a clear mistake and FBR authorities have been requested to make amends, as per our news they are going to issue an amendment in this week or the next. The real estate associations are planning to go to the court by the mid of this month if FBR fails to do so.

Presently you just have to give an undertaking at the DHA office that you will pay the tax if it is implemented. I am hopeful that amendments to this will come soon and the matter will be resolved.

 

Jazak Allah

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