FBR explains changes to tax on property income through Finance Act 2021

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 […]

by Anjum Shah

New tax slabs for property income proposed

Jun 26

Taxation

New tax slabs for property income proposed

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 […]

by Anjum Shah

Punjab announces tax payment relaxation to property, motor vehicle

Jun 16

Budget 2020-2021

Punjab announces tax payment relaxation to property, motor vehicle

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 […]

by Anjum Shah

Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

Apr 23

Taxation

Sindh exempts property tax, motor vehicle tax to ease COVID-19 impact

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 […]

by Anjum Shah

Property tax collection sharply rises by 214 percent

Dec 1

Taxation

Property tax collection sharply rises by 214 percent

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 […]

by Anjum Shah

Provinces collect Rs7.03 billion as property tax

Sep 25

Taxation

Provinces collect Rs7.03 billion as property tax

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 […]

by Anjum Shah

Sindh Excise collects Rs5.7 billion in July 2019

Aug 19

Taxation

Sindh Excise collects Rs5.7 billion in July 2019

KARACHI: Sindh Excise Department has collected Rs5.7 billion under various heads including infrastructure cess, motor vehicles, properties etc. during the months of July 2019. Sindh Minister for Excise and Taxation and Narcotics Control and Parliamentary Affairs Mukesh Kumar Chawla has said that during current financial year in one month i.e July, Sindh Excise Department recovered […]

by Anjum Shah