Karachi – In a significant development towards decentralization and empowering local governance, the Government of Sindh has announced the transfer of property tax collection authority to local councils.
A recent report published by the Pakistan Business Council (PBC) highlights the prevalence of tax evasion in property transactions facilitated by open files, which are often exchanged without official transfer of ownership or payment of associated taxes. These undocumented transactions have allowed individuals to evade tax obligations, according to the report.
Property taxes are an important source of revenue for governments all over the world, and Pakistan is no exception.
Karachi Chamber of Commerce and Industry (KCCI) has demanded the authorities to defer the last date for payment under Section 7E of the Income Tax Ordinance, 2001.
ISLAMABAD: The Federal Board of Revenue (FBR) has explained changes brought in tax on property income through Finance Act, 2021. The FBR said that the block taxation for property income available to non-corporate entities has been done away with. Following changes governing taxation of income chargeable to tax under the head income from property have … Read more
ISLAMABAD: The Finance Bill 2021 has proposed amendment to the withholding tax slab rates applicable in case of withholding agents other than company on account of payment of rent of immovable property under Section 155 of the Income Tax Ordinance, 2001. Following are the proposed rates are: Gross amount of rent: 01. Where the gross … Read more
LAHORE: The Punjab government has announce special relaxation on payment of tax for immovable properties and motor vehicle for financial year 2020/2021. According to Punjab Finance Bill, 2020 following special relaxations have been offered for tax payment of immovable properties and motor vehicles: Special relaxations for financial year 2020-21. (1) Notwithstanding anything contained in sections … Read more
KARACHI: Sindh government has exempted property tax, motor vehicle tax and professional tax for three months of current fiscal year. The decision has been taken in order to provide relief to masses within the jurisdiction of Sindh considering outbreak of coronavirus (COVID-19). According to notifications issued on Thursday by Sindh Excise, Taxation and Narcotics Control … Read more
KARACHI: The collection of property tax witnessed unprecedented growth of 214 percent owing to back to back increase in valuation of immovable properties by Federal Board of Revenue (FBR), sources said. The quarterly data released by the finance ministry revealed that the provinces had collected property tax to the tune of Rs7.8 billion during first … Read more
ISLAMABAD: The province have collected Rs7.03 billion as property tax during fiscal year 2018/2019 as compared with Rs5.55 billion in the preceding fiscal year, showing growth of 26.57 percent, according to details issued by the federal finance ministry. The collection of property tax is provincial jurisdiction and the provinces collected the tax on rental of … Read more