Withholding Tax Card 2016/2017: advance tax on purchase of immovable property
KARACHI: The Federal Board of Revenue (FBR) has updated advance tax on purchase of immovable property for year 2016/2017 to be paid at the time of registration or attesting the transfer.
Advance tax on purchase or transfer of immovable property Under Section 236K of Income Tax Ordinance, 2001.
Sub Section (1): Any person responsible for registering or attesting transfer of any immovable property shall at the time of registering or attesting the transfer shall collect from the purchaser or transferee advance tax at the rate specified in following table:
|S. No.||Period||Rate of Tax|
|1.||Where value of Immovable property is up to 3 million.||0%|
|2.||Where the value of Immovable property is more than 3 million||Filer 2%|
Provided that the rate of tax for Non-Filter shall be 1 percent up to the date appointed by the Board through notification in official gazette.
Sub-Section (2): The advance tax collected under sub-section (1) shall be adjustable.
Sub-Section (4): Nothing contained in this section shall apply to a scheme introduced by the Federal Government, or Provincial Government or an Authority established under a Federal or Provincial law for expatriate Pakistanis.
Provided that the mode of payment by the expatriate Pakistanis in the said scheme or schemes shall be in the foreign exchange remitted from outside Pakistan through normal banking channels.