Withholding tax Collection on Immovable Properties Has Increased by Over 100%

Withholding tax increase

FBR: Due to increasing activity in the real estate industry, the collection of withholding taxes under the headings “purchaser” and “transfer” of immovable property grew by roughly 105 percent in 2020-21.

During the year under consideration, property revenue increased by 19 percent in terms of collection. Except for cash withdrawal and technical fees, all of the remaining major withholding taxes saw an increase in collection. During Budget 2020-21, withholding tax on cash withdrawals up to the amount of international remittances was eliminated.

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