Non-filer seller of immovable property to pay 2pc withholding tax

fbr

KARACHI: Every seller, a non-filer of income tax return, of immovable property is required to pay 2 percent withholding tax of the total value.
According to Withholding Tax Card 2017/2018 issued by Federal Board of Revenue (FBR), under Section 236C of Income Tax Ordinance, 2001 ever person registering, recording or attesting or transfer including local authorities, housing authorities, housing society, cooperative society and registrar of properties are required to collect withholding tax from the seller of immovable property at the time of registering, recording or attesting the transfer.
However, in case of filer of income tax return, the seller is required to pay 1 percent withholding tax.
The tax is minimum if property is acquired and disposed off within the same year otherwise adjustable.

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