FBR

The Federal Board of Revenue (FBR) has placed hundreds of services into General Sales Tax (GST) in the Islamabad Capital Territory at the rate of 5 and 15 percent, reported in daily The News. For construction services 15pc tax will be charged, excluding: (i) construction projects (industrial and commercial) of the value (excluding actual and documented cost of land) not exceeding Rs50 million per...

Federal Board of Revenue (FBR) has made significant changes in the taxation of capital gains on disposal of immovable property of Pakistan.  Amendment in the Income Tax Ordinance 2002, through the Finance Act 2020, reduces holding period and tax rates on different amounts for computation of capital gains on disposal of immovable property According to a Circular No. 3 issued on September 3, 2020 by...

Punjab Govt reduced the stamp duty alongwith other incentives for the Property sector. Punjab Finance Minister Makhdoom Hashim Jawan Bakhat on Monday presented the provincial budget proposal for the FY 2020-21 in the Punjab Assembly. During the budget speech in the assembly session, he said on Monday that it has been proposed in the next FY budget to bring down Stamp Duty ratio from five to...

The Punjab government recently shared the deadline for availing reduced stamp duty on property transfers. As per the government’s notification, the deadline of discount on stamp duty has been set for June 30. Previously, the government had announced a reduction in stamp duty from 5% to 1% that could be availed until the end of this fiscal year. The deadline for that falls on the end of this month. In...

Real Estate is one of the major sector for generation & investment of unaccounted money known as “black money”. The Benami Act is to curb black money transactions to ensure that all real estate transactions are conducted in the name of the actual owner where the consideration is paid from his known sources. Parliament approved the law in January 2017 and the president gave his stamp of approval...

Real Estate is one of the major sectors for generation & investment of unaccounted money known as "black money". The Benami Act is to curb black money transactions to ensure that all real estate transactions are conducted in the name of the actual owner where the consideration is paid from his known sources. This will increase the tax revenue for the Govt by stopping black money from pumping...

The Competition Commission of Pakistan (CCP) has termed the Federal Board of Revenue's tax policy for real estate sector as unfair and recommended formulation of tax policy in consultation with the stakeholders to maximise its effectiveness and assist in widening the tax net. According to the CCP opinion on real estate sector issued Monday, the tax policies of the government are 'unfair'. The...