Islamabad – The Federal Board of Revenue (FBR) is intensifying its efforts to ensure transparency in Pakistan’s real estate sector by scrutinizing the source of income used in property transactions. This initiative is aimed at combating tax evasion and fostering accountability within the industry. FBR Chairman Rashid Mahmood Langrial revealed that the authority is working to reduce transaction taxes in the real estate sector to encourage compliance. However, he emphasized that individuals investing in property must disclose the origins of their funds. This measure is intended to address the widespread issues of undervaluation and misdeclaration that have plagued the sector for years. The extent of these challenges was highlighted by data from the fiscal year 2023-24, which indicated that over 93.7% of property transactions in Pakistan were valued below Rs 5 million. These figures underscore the pervasive practice of underreporting property values to avoid taxation. On Monday, representatives from the real estate sector urged the National Assembly Standing Committee on Finance and Revenue to amend “The Tax Laws (Amendment) Bill, 2024.” They proposed an exemption from disclosing the source of investment for property transactions valued up to Rs 50 million. However, during a meeting of the sub-committee at FBR Headquarters, Chairman Langrial…