NA panel supports FBR move to curb realty black money

The National Assembly Standing Committee on Finance and Revenue has endorsed the Federal Board of Revenue’s (FBR) efforts to prevent black money in real estate and formed a sub-committee to review the proposed tax amendment bill with relevant stakeholders. The committee meeting, chaired by MNA Naveed Qamar, reviewed the Tax Laws (Amendment) Bill 2024 and appointed a sub-committee to resolve the issues between the FBR and stakeholders on the bill. As per the terms of reference, the sub-committee will ensure that the Revenue Division engages the Association of Builders and Developers (ABAD) to determine the quantum and timeline for eligibility. The sub-committee will submit its report within 10 days, with the first meeting scheduled for Thursday (Jan 23) to identify all those factors that might impact the property market.