{"id":89075,"date":"2022-09-30T17:49:51","date_gmt":"2022-09-30T12:49:51","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=89075"},"modified":"2022-09-30T17:50:01","modified_gmt":"2022-09-30T12:50:01","slug":"fbr-cvt-regulations-foreign-properties","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-cvt-regulations-foreign-properties.html","title":{"rendered":"FBR notifies CVT regulations for foreign properties of Pakistanis"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (<a href=\"https:\/\/www.zameen.com\/news\/3-days-fbr-income-tax-returns-sep-30.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR<\/a>) has notified Capital Value Tax (CVT) Rules 2022 for implementation on immovable and movable properties of Pakistani residents in other countries, according to news published on September 30.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-extension-income-tax-deadline.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR considers extension of income tax filing deadline<\/a><\/p>\n\n\n\n<p>Previously, the government introduced CVT at 1% on the value of Pakistanis\u2019 foreign assets and motor vehicles. The said tax applied to properties worth PKR 100 million. The value of said assets will be determined as per the exchange rate on June 30, 2022.<\/p>\n\n\n\n<p>As per the notified regulation, people who are obliged to CVT payments, are required to file an electronic declaration on IRIS (FBR\u2019s online portal). The value of the assets will then be changed into rupees according to the ready transaction exchange rates for market-to-market revaluation notified by the State Bank of Pakistan (SBP) for the last day of the tax year.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/policy-fbr-generates-revenue-estimated.html\" target=\"_blank\" rel=\"noreferrer noopener\">Policy confusion &amp; floods, FBR generates less revenue than estimated<\/a><\/p>\n\n\n\n<p>The CVT will be paid by way of credit to the federal government through a computerized payment receipt when income tax returns are due for tax payment on foreign movable assets, as outlined in Forms \u2018C-1\u2019 and\u00a0 \u2018C-2\u2019.<\/p>\n\n\n\n<p>All sums of CVT collected under Section 8 of the Finance Act, 2022, will be paid by remittance into the government treasury or in the authorised branches of the SBP, or the National Bank of Pakistan. Under the new regulations, the tax authorities will be entitled to collect CVT from those who either didn\u2019t pay due taxes or short paid along with default surcharge.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/tax-immovable-property-fbr-deadline.html\" target=\"_blank\" rel=\"noreferrer noopener\">Tax on immovable property: FBR to extend deadline amid confusion<\/a><\/p>\n\n\n\n<p>Anyone not satisfied with any order passed by the commissioner of income tax or an officer of Inland Revenue under this section may prefer an appeal before the Commissioner (Appeals) against the order as provided in section 127 of the Ordinance and all provisions of Part III of Chapter.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has notified Capital Value Tax (CVT) Rules 2022 for implementation on immovable and movable properties of Pakistani residents in other countries, according to news published on September 30. Read: FBR considers extension of income tax filing deadline Previously, the government introduced CVT at 1% on the value of Pakistanis\u2019 foreign assets and motor vehicles. The said tax applied to properties worth PKR 100 million. The value of said assets will be determined as per the exchange rate on June 30, 2022. As per the notified regulation, people who are obliged to CVT payments, are required to file an electronic declaration on IRIS (FBR\u2019s online portal). The value of the assets will then be changed into rupees according to the ready transaction exchange rates for market-to-market revaluation notified by the State Bank of Pakistan (SBP) for the last day of the tax year. Read: Policy confusion &amp; floods, FBR generates less revenue than estimated The CVT will be paid by way of credit to the federal government through a computerized payment receipt when income tax returns are due for tax payment on foreign movable assets, as outlined in Forms \u2018C-1\u2019 and\u00a0 \u2018C-2\u2019. All sums&hellip;<\/p>\n","protected":false},"author":83,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[54321,19230],"persona":[],"class_list":{"0":"post-89075","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-notifies-cvt-regulations-for-foreign-properties-of-pakistanis","9":"tag-federal-board-of-revenue-fbr","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR notifies CVT regulations for foreign properties- Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Board of Revenue (FBR) has notified Capital Value Tax (CVT) Rules 2022 for implementation on immovable and movable properties...\" \/>\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\/fbr-cvt-regulations-foreign-properties.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR notifies CVT regulations for foreign properties- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The Federal Board of Revenue (FBR) has notified Capital Value Tax (CVT) Rules 2022 for implementation on immovable and movable properties...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-cvt-regulations-foreign-properties.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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