{"id":87903,"date":"2022-08-11T15:36:44","date_gmt":"2022-08-11T10:36:44","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=87903"},"modified":"2022-08-11T15:36:49","modified_gmt":"2022-08-11T10:36:49","slug":"immovable-property-tax-fbr-exemption","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/immovable-property-tax-fbr-exemption.html","title":{"rendered":"Immovable property tax: FBR withdraws minimum exemption period"},"content":{"rendered":"\n<p>Karachi: The Federal Board of Revenue (FBR) on Wednesday (August 10) withdrew the holding time exemption for collecting advance tax on the sale or transfer of immovable property, news sources reported. This authority will now collect advance tax on the sale or transfer of immovable property regardless of holding time.\u00a0 <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/rwp-etncd-deadline-payment-property-tax.html\" data-type=\"post\" data-id=\"87709\">RWP ETNCD issues deadline for payment of property tax<\/a><\/p>\n\n\n\n<p>In this regard, the FBR notified the cancellation of sub-section (3) of Section 236-C of the Income Tax Ordinance-2001, allowing tax collection from immovable property. Following the revocation exemption period, the FBR will collect income tax on the sale and transfer of all <a href=\"https:\/\/www.zameen.com\/news\/fbr-tax-asan-portal-next-week.html\" data-type=\"post\" data-id=\"83820\" target=\"_blank\" rel=\"noreferrer noopener\">non-movable assets<\/a>. Moreover, under the<a href=\"https:\/\/www.zameen.com\/news\/amending-the-amendments-proposed-in-finance-act-2016-an-account-of-recent-happenings.html\" data-type=\"post\" data-id=\"21894\" target=\"_blank\" rel=\"noreferrer noopener\"> Finance Act of 2022,<\/a> the FBR raised the advance tax rate on the sale or transfer of immovable property from 1% to 2%. Now, the buyers and sellers not on the active taxpayer list will be taxed at 250% of the rate set in Division XVIII of Part IV of the First Schedule under Section 236K of the Income Tax Ordinance, 2001. <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-pra-single-sales-tax-return-portal.html\" data-type=\"post\" data-id=\"87796\">FBR, PRA team up for single sales tax return portal<\/a><\/p>\n\n\n\n<p>At the same time, those buyers and sellers on the active taxpayer list will pay a 100% tax increase under Section 236C.\u00a0 It is important to mention that, under the old tax ordinance, the government had given buyers and sellers an exemption period of four years. Any plot owner who will sell the plot within the due time was exempted from the income tax.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The Federal Board of Revenue (FBR) on Wednesday (August 10) withdrew the holding time exemption for collecting advance tax on the sale or transfer of immovable property, news sources reported. This authority will now collect advance tax on the sale or transfer of immovable property regardless of holding time.\u00a0 Read: RWP ETNCD issues deadline for payment of property tax In this regard, the FBR notified the cancellation of sub-section (3) of Section 236-C of the Income Tax Ordinance-2001, allowing tax collection from immovable property. Following the revocation exemption period, the FBR will collect income tax on the sale and transfer of all non-movable assets. Moreover, under the Finance Act of 2022, the FBR raised the advance tax rate on the sale or transfer of immovable property from 1% to 2%. Now, the buyers and sellers not on the active taxpayer list will be taxed at 250% of the rate set in Division XVIII of Part IV of the First Schedule under Section 236K of the Income Tax Ordinance, 2001. Read: FBR, PRA team up for single sales tax return portal At the same time, those buyers and sellers on the active taxpayer list will pay a 100% tax increase&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[53542,53541,53540],"persona":[],"class_list":{"0":"post-87903","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-taxes-on-property","9":"tag-immovable-property-tax","10":"tag-immovable-property-tax-fbr-withdraws-minimum-exemption-period","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Immovable property tax: FBR withdraws exemption period- Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The Federal Board of Revenue (FBR) on Wednesday (August 10) withdrew the holding time exemption for collecting advance tax on the sale or\" \/>\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\/immovable-property-tax-fbr-exemption.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Immovable property tax: FBR withdraws exemption period- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Karachi: The Federal Board of Revenue (FBR) on Wednesday (August 10) withdrew the holding time exemption for collecting advance tax on the sale or\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/immovable-property-tax-fbr-exemption.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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