Islamabad: FBR has revised the withholding tax for immovable real estate, and the hike is implemented from 1st July 2023 according to the Finance Act 2023.
According to the details, the Federal Board of Revenue has increased the rates for investors and sellers of real estate. The Finance Act 2023 has been implemented recently, bringing a tax hike for both income tax filers and non-filers. The tax is imposed on all real estate sale and purchase deeds, including taxes on the transfer of properties.
As per the details, the board has increased the rates for buyers and sellers of immovable properties. The recently implemented Finance Act 2023 has brought an increase in withholding tax for immovable properties for income tax filers and non-filers in relation to the sale, transfer, purchase, or transfer of immovable property.
According to Section 236C, withholding tax rates are increased from 4 to 6 percent for non-filers and 2 to 3 percent for filers.
The adjustments made by FBR instruction also include an increase in withholding tax by 2 to 3 percent for filers and 7 to 10.5 % for non-filers under 236K. For the latest Real Estate News and Blogs, visit Realtorspk blogs.
