Islamabad: The old rates of withholding taxes on sale/purchase of immovable property shall continue until the directorate to ascertain fair market prices is established, a news source reported. The new tax rate will become applicable when the official notification to set up Directorate of Immovable Properties is issued.
The withholding tax on immovable properties are currently deducted under Sections 236C, 236K and 236W of the Income Tax Ordinance. These were to be deleted from July 01, 2018 and replaced by Section 230F. However, according to the withholding tax card issued by Federal Board of Revenue (FBR) for the year 2018-19, these will continue being applicable until a notification on the directorate is issued.
