The government has imposed a Federal Excise Duty (FED) on immovable properties through amendments introduced in the Finance Bill 2024.
Karachi, January 16, 2024 – The Federal Tax Ombudsman (FTO) has unearthed significant flaws in the valuation of immovable properties across Pakistan, revealing a lack of attention from the Federal Board of Revenue (FBR) and incompetence that has left the field vulnerable to the discretion of provincial and FBR’s field staff.
Karachi, December 26, 2023 – The Federal Board of Revenue (FBR), apex tax agency of Pakistan, has made it mandatory for individuals involved in attesting or registering immovable property to furnish a monthly property transfer statement.
Karachi, December 2, 2023 – The Federal Board of Revenue (FBR) has collected a staggering Rs 155 billion in withholding tax on the sales and purchases of immovable properties during the Fiscal Year 2022-2023.
Islamabad, November 6, 2023 – The Federal Tax Ombudsman (FTO) has issued a directive to the Federal Board of Revenue (FBR) to operationalize the ‘Directorate General of Immovable Property,’ established under section 230F through the Finance Act of 2018.
Karachi, October 22, 2023 – As the deadline for filing income tax returns for 2023 approaches in Pakistan, a thorny issue has emerged, causing confusion among Pakistani tax residents who own properties in the United Arab Emirates (UAE).
Karachi, October 3, 2023 – The Federal Board of Revenue (FBR) in Pakistan has taken a significant step in its ongoing efforts to combat tax evasion by obtaining comprehensive data of property buyers from relevant authorities.
Karachi, September 4, 2023 – The Federal Board of Revenue (FBR) has issued comprehensive guidelines on the procedure for income tax payment under Section 7E of the Income Tax Ordinance, 2001.
Islamabad, August 20, 2023 – The Punjab government’s finance division has released a comprehensive report detailing the various types of taxes imposed on immovable property in the province.
Karachi, August 16, 2023 – The Federal Board of Revenue (FBR) has announced a relaxation in the conditions governing Section 7E of the Income Tax Ordinance, 2001, specifically aimed at sellers of immovable property.