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FBR Extended Confusion on Tax Dead Line on Deemed Income

FBR Extended Confusion on Tax Dead Line on Deemed Income

Islamabad: The Federal Board of Revenue (FBR) announced before the Lahore High Court on Tuesday that it was planning to extend the tax deadline for the taxpayers who are affected by the tax clause 7E regarding the immovable property tax. The FBR said that the extension would be made for only those taxpayers who are affected by clause 7E of the income tax ordinance 2022. However the last date of payment for other taxpayers, the FBR said, would remain the same. The FBR has announced the deadline as Sep 30, 2022.

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Earlier, the tax payment on deemed income on immovable properties imposed by the FBR in June this year was challenged in court. A citizen had filed a petition requesting the court to allow the filing of income tax returns without having to pay tax on deemed income basis regarding immovable properties. The taxpayers have to file income tax returns by Sep 30 so the court had directed the FBR to reply at the earliest. Another petitioner challenged the legitimacy of Section 7E introduced by the FBR I n Finance Bill 2022. It was also highlighted in the petition that instead of Parliament the provincial legislature is eligible to tax immovable property.

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FBR Imposed Tax on Deemed Income on Immoveable Properties
 
 It is relevant to mention here that the FBR has proposed Rs 153 billion in taxes on immovable property through Finance Bill 2022. The proposed tax on deemed income from an unused property above Rs 25 million including luxury farmhouses have been introduced. The federal revenue body has also enhanced the capital gain tax from 2 percent to 5 percent for non-filers and from 1 percent to 2 percent for filers. Similarly, The Capital Value Tax at a rate of one percent is imposed on foreign immovable properties of Pakistani residents and a one percent tax on the liquid foreign assets of Pakistanis is proposed. The FBR has also proposed a 2 percent tax on earners of above Rs 300 million annually. These proposed taxes will come into effect from July 1, 2022.
 

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