{"id":86800,"date":"2022-06-22T10:56:55","date_gmt":"2022-06-22T05:56:55","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=86800"},"modified":"2022-06-22T10:57:01","modified_gmt":"2022-06-22T05:57:01","slug":"senate-revised-advance-tax-property-non-filers","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/senate-revised-advance-tax-property-non-filers.html","title":{"rendered":"Senate committee levies revised advance tax on property for non-filers"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad:\u00a0 The Senate Standing Committee on Finance and Revenue on Tuesday (June 21) approved an increase in the advance tax on property for non-filers from 2% to 5%, news sources reported. The final recommendations of the committee have been included in the Finance Bill &#8211; 2022, which will be presented before the parliament for formal approval.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/senate-fbrs-tax-real-estate.html\" data-type=\"post\" data-id=\"86667\" target=\"_blank\" rel=\"noreferrer noopener\">Senate committee turns down FBR\u2019s tax increase on real estate<\/a>\u00a0\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reportedly, the committee, chaired by Senator Mandiwala, completed tax revisions for filers and non-filers. The committee also adopted the following proposals concerning different taxes in the real estate sector:&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For a plot worth over PKR 25 million, the committee suggested a 1% presumed income tax after five years of land transfer. With the reactivation of the current <a href=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\" data-type=\"post\" data-id=\"76962\">Capital Ga<\/a><a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\" data-type=\"post\" data-id=\"76962\" target=\"_blank\">i<\/a><a href=\"https:\/\/www.zameen.com\/news\/government-announce-flat-5-property-capital-rs5-million.html\" data-type=\"post\" data-id=\"76962\">n Tax (CGT) slabs<\/a>, the holding term for CGT has been decreased from the existing six years to five years.\u00a0<\/li><li>The committee suggested raising the <a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/pkr-45-billion-collected-in-taxes-from-the-federal-capital.html\" data-type=\"post\" data-id=\"58469\" target=\"_blank\">Federal Excise Duty (FED)<\/a> on clubs, businesses, and first-class air travel from PKR 10,000 to PKR 50,000.\u00a0<\/li><li>The committee suggested a 12.5% sales tax on the import of<a href=\"https:\/\/www.zameen.com\/news\/pakistan-to-have-electric-vehicles-on-road-this-year-minister.html\" data-type=\"post\" data-id=\"69730\" target=\"_blank\" rel=\"noreferrer noopener\"> Electric Vehicles (EVs)<\/a> of up to 1000cc or 50KV in CBU condition and a 17.5% sales tax on the import of EVs above 50KV. The FBR has recommended a consistent rate of 2.5 % sales tax on the import of all types of electric cars in CBU condition in the Finance Bill-2022.\u00a0<\/li><li>The committee approved the recommendation of the Ministry of Information to increase the tax on advertisements starring foreign actors.<br><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-luxury-tax-big-houses-posh-areas.html\" data-type=\"post\" data-id=\"86400\" target=\"_blank\" rel=\"noreferrer noopener\">Budget 2022-23: FBR mulls imposing luxury tax on big houses in posh areas<\/a><\/li><li>The government proposed a 2% income tax on all individuals, firms, and corporations earning more than PKR 300 million with the tax applicable on the amount above the threshold value.\u00a0<\/li><li>The committee increased registration fees of vehicles by 100% for non-filers to improve tax registration.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad:\u00a0 The Senate Standing Committee on Finance and Revenue on Tuesday (June 21) approved an increase in the advance tax on property for non-filers from 2% to 5%, news sources reported. The final recommendations of the committee have been included in the Finance Bill &#8211; 2022, which will be presented before the parliament for formal approval. Read: Senate committee turns down FBR\u2019s tax increase on real estate\u00a0\u00a0 Reportedly, the committee, chaired by Senator Mandiwala, completed tax revisions for filers and non-filers. The committee also adopted the following proposals concerning different taxes in the real estate sector:&nbsp;&nbsp; For a plot worth over PKR 25 million, the committee suggested a 1% presumed income tax after five years of land transfer. With the reactivation of the current Capital Gain Tax (CGT) slabs, the holding term for CGT has been decreased from the existing six years to five years.\u00a0 The committee suggested raising the Federal Excise Duty (FED) on clubs, businesses, and first-class air travel from PKR 10,000 to PKR 50,000.\u00a0 The committee suggested a 12.5% sales tax on the import of Electric Vehicles (EVs) of up to 1000cc or 50KV in CBU condition and a 17.5% sales tax on the import of EVs&hellip;<\/p>\n","protected":false},"author":84,"featured_media":61403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[52814,52813],"persona":[],"class_list":["post-86800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-legal-taxation","tag-federal-excise-duty","tag-revise-tax-on-luxury-homes","cat-15015-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Senate levies advance tax on property for non-filers- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad:\u00a0 The Senate Standing Committee on Finance and Revenue on Tuesday (June 21) approved an increase in the advance tax on property for non-filers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/senate-revised-advance-tax-property-non-filers.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Senate levies advance tax on property for non-filers- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad:\u00a0 The Senate Standing Committee on Finance and Revenue on Tuesday (June 21) approved an increase in the advance tax on property for non-filers\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/senate-revised-advance-tax-property-non-filers.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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