Finance Bill 2024: 5% FED Slapped on Immovable Properties
The government has imposed a Federal Excise Duty (FED) on immovable properties through amendments introduced in the Finance Bill 2024.
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Tag: immovable properties
FTO Exposes Flaws in Valuation of Immovable Properties
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.
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Property Transfer Statements Made Mandatory in Pakistan
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.
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FBR Collects Rs 155 Billion in Withholding Tax on Immovable Properties in FY23
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.
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FTO Directs FBR to Operationalize Directorate of Immovable Property Valuation
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.
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Conflicting Judgements Complicate Taxation of Properties for Pakistani Residents in UAE
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).
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FBR Gains Access to Property Buyer Data to Combat Tax Evasion
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.
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FBR Releases Guidelines for Tax Payment on Immovable Properties Under Section 7E
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.
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Punjab Government Unveils Taxation Structure for Immovable Property
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.
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FBR Eases Rules for Property Sellers under Section 7E
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.
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