Advance tax on immovable property enhanced by 100%

Jul 24

Budget 2022-2023, Taxation

Advance tax on immovable property enhanced by 100%

ISLAMABAD: The rate of advance tax on sale and purchase of immovable property has been enhanced by 100 per cent. The tax rate has been enhanced on property transaction through Finance Act, 2022. READ MORE: FBR explains changes in advance tax on motor vehicles The FBR issued Income Tax Circular No. 15 of 2022/2023 to […]

by Anjum Shah

FBR applies separates CGT rates on immovable properties

Jul 23

Budget 2022-2023, Taxation

FBR applies separates CGT rates on immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) has implemented capital gain tax on disposal of immovable properties as amended through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022-2023 to explain the important amendments introduced through the Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: FBR explains tax […]

by Anjum Shah

FBR explains tax on deemed income from immovable property

Jul 23

Budget 2022-2023, Taxation

FBR explains tax on deemed income from immovable property

ISLAMABAD: The Federal Board of Revenue (FBR) has explained the new introduced tax on deemed income through Finance Act, 2022. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendment brought through Finance Act, 2022 to the Income Tax Ordinance, 2001. The FBR said that a new section 7E has been […]

by Anjum Shah

Capital gains tax revamped on disposal of immovable properties

Jul 8

Budget 2022-2023, Taxation

Capital gains tax revamped on disposal of immovable properties

KARACHI: The Finance Act, 2022 has revamped the taxation of capital gains on disposal of immovable properties. Amendment has been incorporated in Section 37 of Income Tax Ordinance, 2001 through Finance Act, 2022. READ MORE: Tax on deemed income arising from capital assets in Pakistan Capital gains tax on disposal of immovable properties located in […]

by Hamza Shah

Advance tax on immovable property purchase enhanced to 250% for non-filers

Jun 13

Budget 2022-2023, Taxation

Advance tax on immovable property purchase enhanced to 250% for non-filers

ISLAMABAD: Pakistan has announced a sharp increase in advance tax on purchase of immovable property to 250 per cent for persons not filing income tax returns. The country presented budget 2022/2023 on June 10, 2022 and announced various taxation measures to boost revenue collection. The Finance Bill, 2022 proposed the sharp increase in advance tax […]

by Anjum Shah

CGT up to 15% slapped on immovable properties

Jun 11

Budget 2022-2023, Taxation

CGT up to 15% slapped on immovable properties

ISLAMABAD: The federal government has slapped capital gains tax (CGT) up to 15 per cent on disposal of immovable properties within one year after the purchase. The government announced budget 2022/2023 on June 10, 2022 and announced various tax measures to boost revenue. READ MORE: Tax imposed on deemed income from immovable properties Through the […]

by Anjum Shah

Tax imposed on deemed income from immovable properties

Jun 11

Budget 2022-2023, Taxation

Tax imposed on deemed income from immovable properties

ISLAMABAD: A tax rate at 20 per cent has been imposed on deemed income from immovable properties through a new section introduced to Income Tax Ordinance, 2001. The government announced federal budget 2022/2023 on June 10, 2022 and introduced new tax on a person having more than one immovable property. A person having more than […]

by Anjum Shah

Tax collection from property purchase climbs up 24%

Mar 8

Taxation, Top stories

Tax collection from property purchase climbs up 24%

ISLAMABAD: The collection of advance tax from purchase of immovable properties climbed up by 24 per cent during first half of the current fiscal year. According to official data released by Federal Board of Revenue (FBR), the collection of advance tax on purchase / transfer of immovable property increased to Rs27.7 billion during first half […]

by Anjum Shah

FBR re-notifies valuation of immovable properties

Mar 5

National, Taxation, Top stories

FBR re-notifies valuation of immovable properties

ISLAMABAD: The Federal Board of Revenue (FBR) has re-notified fresh and revised valuation of immovable properties. The FBR on March 02, 2022 issued re-notified the valuation tables of immovable properties for major cities of the country. The FBR on December 01, 2021 issued fresh and updated valuation tables for around 40 major cities of the […]

by Anjum Shah

FBR implements new property valuations on February 01

Jan 30

Taxation, Top stories

FBR implements new property valuations on February 01

ISLAMABAD: The Federal Board of Revenue (FBR) will apply the new valuation tables for immovable properties in major cities of the country from February 01, 2022. The FBR on December 01, 2021 issued fresh and updated valuation tables for around 40 major cities of the country. However, the FBR deferred the implementation of the new […]

by Anjum Shah