FBR records 4.4x YoY rise in property tax revenue

News Image

By MG News | November 30, 2023 at 10:21 AM GMT+05:00

0:00

November 30, 2023 (MLN): The Federal Board of Revenue (FBR) collected Rs70.33 billion withholding tax on sales of immovable properties in FY23, which is a massive 4.4x YoY growth as compared to the previous year, according to FBR’s revenue division year book released.

To note, withholding is a deduction/collection of tax at source, which has generally been in the nature of an advance tax payment.

In FY22, FBR had collected just Rs15.97bn withholding tax on sales of immovable properties.

Meanwhile, the data showed that the total withholding tax collected during FY23 stood at Rs1.87 trillion as against a tax collected of Rs1.42tr in the previous year, reflecting a growth of 32.25% YoY.

Moreover, the advance tax on the purchase/transfer of immovable property was recorded at Rs84.74bn, which is 32.4% YoY higher than the previous year’s collection of Rs64bn.

The data further revealed that all 10 major heads of withholding tax recorded positive growth during the year.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 127,834.63
229.48M
1.76%
2207.31
ALLSHR 79,577.28
651.28M
1.26%
992.57
KSE30 38,913.71
79.74M
1.99%
759.92
KMI30 186,840.58
95.72M
1.06%
1954.09
KMIALLSHR 54,178.04
355.09M
0.77%
414.24
BKTi 32,961.58
37.56M
3.26%
1039.90
OGTi 27,881.02
5.55M
0.39%
107.03
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,435.00 108,105.00
107,040.00
-800.00
-0.74%
BRENT CRUDE 66.78 66.93
66.34
0.04
0.06%
RICHARDS BAY COAL MONTHLY 97.00 0.00
0.00
0.20
0.21%
ROTTERDAM COAL MONTHLY 107.65 0.00
0.00
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.14 65.27
64.67
0.03
0.05%
SUGAR #11 WORLD 16.17 16.21
16.16
-0.03
-0.19%

Chart of the Day


Latest News
July 01, 2025 at 12:51 PM GMT+05:00

VIS reaffirms entity ratings of Habib Bank Ltd


July 01, 2025 at 12:23 PM GMT+05:00

GCIL, MARI sign term sheet for gas processing project


July 01, 2025 at 12:13 PM GMT+05:00

VIS reaffirms entity ratings of National Bank Ltd


July 01, 2025 at 11:49 AM GMT+05:00

PSX enhances complaint management system



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg