The Federal Board of Revenue (FBR) has increased the withholding tax rates on immovable property transactions from July 1, 2023.
The new rates are as follows:
The FBR has taken this step in order to increase the revenue collection from the property sector. The increased withholding tax rates will be applicable to all immovable property transactions, including the sale, purchase, and transfer of land, buildings, and apartments.
The FBR has also advised its field formations to strictly enforce the new rates. Any person who fails to deduct or pay the withholding tax will be liable to penalty and prosecution.
The increased withholding tax rates are likely to have a negative impact on the property market. However, the FBR is hopeful that the additional revenue will be used to fund development projects and social welfare programs.
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