FBR hikes advance tax on immovable property

July 04, 2023 (MLN): The Federal Board of Revenue (FBR) on Monday decided to increase rates of advance tax on the sale/transfer and purchase of immovable properties to 3% for filers, 6% for non-filers under section 236C, and 10.50% under section 236K.

The aforementioned amendments are effective from the 1st day of July.

“It is therefore requested that advance income under sections 236C and 236K of the income tax ordinance 2001 may be collected from the sellers and purchasers of immovable properties by applying new rates, as mentioned above at the time of registration or attestation of the asset,” the notice reads.

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