The Federal Board of Revenue (FBR) is employing a comprehensive approach to enhance tax compliance by obtaining crucial information on buyers and sellers of immovable properties through provincial registrars.
ISLAMABAD: The capital gain tax on (CGT) disposal of immovable properties has been reduced by 50 percent in order to promote investment in construction industry. According to Deloitte Yousuf Adil, Chartered Accountants, the Finance Bill 2020 proposed reduction in tax rates by 50 percent on capital gains arising on disposal of immovable property. This is […]
KARACHI: The collection of withholding tax on purchase of immovable properties fell by 12 percent owing to fall in prices after slowdown in economy and enforcement of legal provisions by Federal Board of Revenue (FBR). Sources in local tax office in Karachi said that the collection of the tax office fell to Rs390 million during […]
KARACHI: Tax authorities have said that payment for purchase of immovable properties above Rs5 million is mandatory to be paid through banking channel.
KARACHI: Federal Board of Revenue (FBR) has said that a commissioner of Inland Revenue has been empowered to ask source of money used for purchase of immovable properties under legal provisions related to undeclared assets. The FBR in explanations related to purchase of immovable properties, said that the commissioner of Inland Revenue can ask to […]
ISLAMABAD: Federal Board of Revenue (FBR) shall take penal action against persons who owned immovable property and remained non-compliant with filing of income tax returns. Officials at the FBR said that date for filing income tax returns had expired on February 28, 2020. However, individuals and companies still can file their returns by paying penal […]
KARACHI: Federal Board of Revenue (FBR) may increase valuation of immovable properties in order to prevent money laundering in the real estate sector. “In Pakistan the Real Estate sector is one of the biggest sources of money laundering and is used as a parking lot for untaxed as well as ill-gotten money,” the FBR said […]
ISLAMABAD: The Senate on Monday approved an important legislation to facilitate the speedy transfer of movable and immovable property of the deceased, to the legal heirs. Letters of Administration and Succession Certificates Bill, 2020 is one of the key legislations, in Government’s legal reform agenda, to get the assent of both the National Assembly and […]
KARACHI: Federal Board of Revenue (FBR) has received information of buyers and sellers of immovable properties during the period July – December 2019, sources said. The sources in tax offices told PkRevenue.com that bulk of information was provided by provincial property registrar offices and housing societies along with complete details of buyers and purchasers. The […]
KARACHI: Federal Board of Revenue (FBR) is monitoring transactions of immovable properties to check sales and purchases on fair market value, sources told PkRevenue.com. The sources said that the FBR had reduced the withholding tax rate to one percent from July 01, 2019 to be collected from purchaser of immovable properties. However, this rate should […]