Islamabad: The Islamabad Capital Territory Administration (ICTA)’s Revenue Department on Tuesday (February 15) has issued a seven-day deadline for property owners who were defaulting on payment of taxes on sale or purchase of properties from 2012-2020, according to news sources. The government expects to collect PKR 2.3 billion in terms of gain tax, advance tax, and value tax.
Read: FBR to launch ‘Tax Asan Portal’ next week
As per the notice issued by the ICTA Revenue Department, the residents who have sold or bought properties during the period July 1, 2012, to April 17, 2020, in Patwar Circles/Revenue Circles of ICT have been given seven days to submit gain tax, Capital Value Tax (CVT), and advance tax in government treasury /Federal Board of Revenue (FBR) Regional Tax Office (RTO) Islamabad.
Moreover, the notice stated that if the defaulter fails to comply, all mutations of their land will be cancelled. It was also notified that strict action will be taken against the defaulters. In case, the property owner has already paid the taxes, they should submit original challans along with necessary documents to the concerned revenue circles.
Read: Advance tax rate on sale, purchase of immovable property shared
According to Deputy Commissioner Islamabad Hamza Shafqaat, the government decided to abolish taxes in 2020 and several people failed to pay the taxes from 2012 onwards. The government has, now, decided to collect pending taxes.
Reportedly, Tehsildar Islamabad Awais Khan explained that under CVT tax people were to pay PKR 60,000 per kanal and 1% of the total amount as advance tax for filers and 2% for non-filers. Under the gain tax, the owners who sold their property within 3 years of purchase, were expected to pay 1% of the total value of the property and 2% for non-filers.