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Property transactions generate PKR 81 billion in revenue Federal Board of Revenue - LRE-Azan - 01-24-2023 03:22 PM
Property transactions generate PKR 81 billion in revenue. Federal Board of Revenue (FBR)
Islamabad: Property transactions brought in PKR 81 billion for the Federal Board of Revenue (FBR) during the fiscal year (FY) 2021–22. (Reported by news source)
According to the official data provided by the FBR, income tax receipts from the sale and purchase of real estate increased by 33% to PKR 81.20 billion in the tax year 2022 from PKR 61.15 billion in the tax years 2020–21. Sections 236-C and 236-K of the Income Tax Ordinance, 2001, which deal with withholding taxes on the sale, acquisition, and transfer of immovable properties, were used to collect the taxes.
When compared to the money received the year before, tax revenue under Section 236-K of the ordinance was collected increased by 32% to PKR 64.58 billion for the tax year 2022.
It is crucial to remember that the government gave the construction sector a sizable subsidy in the previous year, which also included the amnesty of FBR income sources and a reduction in the tax rate on real estate.