August 15, 2022

Pkrevenue.com

Pakistan Revenue

Tag: immovable properties

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 […]

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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 […]

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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 […]

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Withholding tax rates on property income for 2021-2022
Aug 10
Taxation

Withholding tax rates on property income for 2021-2022

The Federal Board of Revenue (FBR) has issued updated rates of withholding tax on income from the property for the year 2021-2022. The withholding tax shall be collected by every prescribed person from the recipients of rent of the immovable property. The FBR collects withholding tax on income from property under Section 155 of the […]

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Finance Bill 2021: tax treatment of capital gain on disposal of immovable properties
Jun 16
Budget 2021-2022, Taxation

Finance Bill 2021: tax treatment of capital gain on disposal of immovable properties

KARACHI: The Finance Bill 2021 has proposed various changes to Income Tax Ordinance, 2021 to capital gain tax on disposal of immovable properties. In its commentary on budget 2021/2022, KPMG Taseer Hadi & Co. Chartered Accountants said that taxation of gain on disposal Gain on disposal of immovable property is currently taxable on separately provided […]

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Capital gain on immovable properties above Rs5 million to be taxed at normal rate
Jun 14
Budget 2021-2022, Taxation

Capital gain on immovable properties above Rs5 million to be taxed at normal rate

KARACHI: The government has taken taxation measures on capital gains from disposal of immovable properties and introduced normal tax regime on gains on immovable properties above Rs5 million. According to commentary on budget 2021/2022 and Finance Bill, 2021 released by PwC A. F. Ferguson & Co. Chartered Accountants, under the existing provisions, gains on disposal […]

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FBR collects Rs24 billion on purchases of immovable properties
Apr 7
Taxation

FBR collects Rs24 billion on purchases of immovable properties

ISLAMABAD: Federal Board of Revenue (FBR) has collected Rs24 billion as withholding tax on purchase of immovable properties during tax year 2020. According to collection statistics for tax year 2020 released by the FBR on Tuesday revealed the withholding tax collection on purchase of immovable properties increased to Rs24 billion as compared with Rs13.50 billion […]

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