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 Mrs. Anjum Shahnawaz

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 Shahnawaz

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 Mrs. Anjum Shahnawaz

CGT up to 15% slapped on immovable properties

Jun 11

Budget 2022-2023, Taxation

CGT up to 15% slapped on immovable properties

The federal government has implemented capital gains tax (CGT) ranging up to 15 percent on the disposal of immovable properties within one year of purchase.

by Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz

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 Mrs. Anjum Shahnawaz