FBR Exempts Overseas Pakistanis From Real Estate Advance Tax
Announcement of overseas Pakistanis exempted from real estate tax
ISLAMABAD, October 08, 2022- The advance tax on the purchase of a real estate for residents living abroad has been waived by FBR. This action has been done to promote international remittances into the nation.
The advance tax on the acquisition of real estate for Pakistanis living abroad has reportedly been abolished by FBR, according to the most recent reports. Non-residents are also eligible for this exemption. According to the Federal Board on Revenue’s official press secretary, Pakistan is encouraging international remittances by waiving advance tax. The Income Tax Ordinance of 2001’s Section 236K governs the advance tax imposed on Pakistanis living abroad. In the case of Pakistanis living abroad, it stipulates that advance tax is imposed on the acquisition of real estate in Pakistan.
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