FBR Increases Property Tax Rate In Punjab
The Punjab Land Record Authority (PLRA) has proposed raising the tax rate on the sale and purchase of real estate, and the Federal Board of Revenue (FBR) accepted it. All of the cities in Punjab province, including Rawalpindi and Faisalabad, have hiked their tax rates. Additionally, the PLRA and FBR have sent letters to all relevant officials and staff instructing them to collect the tax from buyers and sellers at the new rates.
In the past, the tax rate was raised, applied to both purchasers and sellers, and fixed at 2% for those who filed their taxes and 4% for those who did not. It is significant to note that non-filers are those who are not FBR registered and do not pay transactional taxes. However, starting in August 2023, the tax rate will increase to 3% for filers and 6% for non-filers.
Read More: FBR Announce Tax Relief for Overseas Pakistanis on Property Sale
Due to the changes made by Finance Act 2023, PLRA took this action. Sections 236C and 236K of the Income Tax Ordinance of 2001, which deal with income tax rates and related tax columns, received the majority of the revisions. The new tax rates on sales, purchases, and other transactions must now be paid by sellers and buyers.
The banking institutions have also changed section 236K, which governs the acquisition of real estate. Filers will pay 3% of the purchase price upfront for purchases, while non-filers will pay an extra 3.5%. This implies that they will be required to pay a hefty sales tax of 10.5% of the entire cost of a property.
Read More: FBR Start Online Fee and Exemption Service for Tax on Property
The rates have been altered by FBR and PLRA in order to raise money through property taxes. People who refuse to pay these property taxes will be subject to legal action, as the FBR has firmly instructed all officers to enable tax collection from project developers, the general public, and real estate companies.
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