The State Minister for Revenue Hammad Azhar in his Federal Budget for FY19-20 speech, proposed to increase immovable properties’ rates of Federal Board of Revenue (FBR) by taking it closer to about 85% of actual market value. Also, he proposed that persons purchasing immovable property of fair market value greater than rupees 5 million in the case of immovable property and one million or more in the case of movable property may be required to purchase through a banking instrument other than a … [Read more...]