Pakistan Revenue
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 […]
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The Sindh Revenue Board (SRB) has recently announced the sales tax rates applicable to services related to the sale and purchase of immovable properties within the province for the tax year 2020.
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KARACHI: The government has exempted capital gain tax up to 75 percent in case an immovable property sold by government employees of army personnel after completion of three years. According to BDO Audit Consultancy Firm, Clause (9A) of Part III of Second Schedule provides a 50 percent exemption on capital gain derived on first sale […]
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KARACHI: Federal Board of Revenue (FBR) shall conduct valuation for the purpose of income tax recovery on those assets which were identified as concealed. According to Income Tax Rules, 2002, the valuation of concealed assets as under Section 111 of Income Tax Ordinance, 2001 would be taken as: (1) The valuation of immovable property for […]
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KARACHI: Any immovable property purchased through cash or bearer instruments will liable to penalty of five percent of the total value of immovable property, sources in Federal Board of Revenue (FBR) said on Saturday. The sources said that a restriction had been imposed on the purchase of immovable property over Rs5 million through cash or […]
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ISLAMABAD: Federal Board of Revenue (FBR) has initiated scrutiny of transactions of immovable properties, especially those where amnesty was availed, sources said. The sources said that the FBR had initiated examination of transactions of sales and purchases of immovable properties during past years, in order to find out the quantum of amount concealed or not […]
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KARACHI: Officers of Inland Revenue (IR) have been empowered to sell moveable or immovable properties of sales tax defaulters for recovery of arrears. Section 48 of Sales Tax Act, 1990, which was updated up to June 30, 2019 by the Federal Board of Revenue (FBR) explained the powers of IR officers for recovery of arrears […]
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KARACHI: A registrar is required to provide information of buyers and sellers of immovable property in withholding tax statement to the Federal Board of Revenue (FBR).
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ISLAMABAD: Federal Board of Revenue (FBR) will conduct nation-wide survey of immovable properties to assess and tap colossal wealth parked in the real estate sector. The decision has been taken and approved at a meeting under the chairmanship of the prime minister held last month. According to minutes of the meeting it has been decided […]
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ISLAMABAD: The tax authorities shall determine value of immovable properties and motor cars for tax purpose on discovery of concealment by a person or a company. Officials in Federal Board of Revenue (FBR) said that under Section 111 of Income Tax Ordinance, 2001 any disclosed income or assets will be taken as concealed income and […]
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