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

Tax collection from property transactions surges to Rs61 billion

Jan 3

Taxation, Top stories

Tax collection from property transactions surges to Rs61 billion

ISLAMABAD: The annual collection of withholding tax from transactions of immovable properties has surged by 98 per cent to Rs61.06 billion during fiscal year 2020/2021. According to official statistics made available to PkRevenue.com, the collection from sales and purchase of immovable properties was Rs30.77 billion during fiscal year 2019/2020. Sources in the Federal Board of […]

by Anjum Shah

FBR’s new, old valuation tables for Karachi properties

Dec 2

Taxation

FBR’s new, old valuation tables for Karachi properties

ISLAMABAD: The Federal Board of Revenue (FBR) has revised upward the valuation of immovable properties in Karachi for collection of withholding tax. The FBR issued SRO 1551(I)/2021 on Thursday to notify the revised valuation of immovable properties in Karachi effective from December 01, 2021. The FBR previously issued SRO 120(I)/2019 dated February 01, 2019 to […]

by Anjum Shah

FBR should continue revision in property valuation: SBP

Nov 26

Taxation, Top stories

FBR should continue revision in property valuation: SBP

KARACHI: The Federal Board of Revenue (FBR) should ensure continuity in the revision of immovable property valuation in order to remove disparity in property values and market rates. The State Bank of Pakistan (SBP) in its annual report 2020/2021 on State of Pakistan’s Economy released a day earlier said there was a need to expand […]

by Faisal Shah

Tax rates on immovable properties for 2021-2022

Aug 12

Taxation

Tax rates on immovable properties for 2021-2022

The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on sale and purchase of immovable properties. The FBR collects withholding income tax under Section 236C and 236K of Income Tax Ordinance, 2001. WITHHOLDING TAX CARD 2021-2022 Tax rates under Section 236C of Income Tax Ordinance, 2001: The withholding tax shall be […]

by Anjum Shah