Govt tightens tax compliance for immovable property transactions

MG News | August 02, 2023 at 01:05 PM GMT+05:00

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August 02, 2023 (MLN): The government has introduced significant amendments to the Income Tax Ordinance, 2001 through the Finance Act, 2023, according to a circular issued by the Revenue Division on July 26.

One of the crucial changes is the amendment in section 236C. This new sub-section prohibits the person responsible for registering, recording, or attesting the transfer of any immovable property from completing the registration, recording, or attestation unless the seller or transferor has settled their tax liability under section 7E of the Ordinance.

Moreover, the person must furnish evidence of this tax payment to the withholding agent.

In response to this amendment, a separate circular, detailing the mode, form, and manner for providing evidence of tax payment under section 7E.

This applies to both ATL (Active Taxpayer List) and Non-ATL individuals, ensuring compliance with the tax regulations in property transactions.

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