immovable properties Archives

Finance Bill 2024: 5% FED Slapped on Immovable Properties

June 13, 2024June 13, 2024Shahnawaz Akhter

The government has imposed a Federal Excise Duty (FED) on immovable properties through amendments introduced in the Finance Bill 2024.

FTO Exposes Flaws in Valuation of Immovable Properties

January 16, 2024January 16, 2024Shahnawaz Akhter

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.

Property Transfer Statements Made Mandatory in Pakistan

December 26, 2023December 26, 2023Shahnawaz Akhter

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.

FBR Collects Rs 155 Billion in Withholding Tax on Immovable Properties in FY23

December 2, 2023December 2, 2023Shahnawaz Akhter

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.

FTO Directs FBR to Operationalize Directorate of Immovable Property Valuation

November 6, 2023November 6, 2023Mrs. Anjum Shahnawaz

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.

Conflicting Judgements Complicate Taxation of Properties for Pakistani Residents in UAE

October 22, 2023October 22, 2023Shahnawaz Akhter

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).

FBR Gains Access to Property Buyer Data to Combat Tax Evasion

October 3, 2023October 3, 2023Shahnawaz Akhter

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.

FBR Releases Guidelines for Tax Payment on Immovable Properties Under Section 7E

September 4, 2023September 4, 2023Shahnawaz Akhter

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.

Punjab Government Unveils Taxation Structure for Immovable Property

August 20, 2023August 20, 2023Shahnawaz Akhter

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.

FBR Eases Rules for Property Sellers under Section 7E

August 16, 2023August 16, 2023Shahnawaz Akhter

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.

Tag: immovable properties