Buy | Sell | Rent | Invest
4Dewaari.com

Revised Rates of Withholding Tax on Sale Purchase of Immovable Properties Implemented by FBR

 Revised Rates of Withholding Tax on Sale Purchase of Immovable Properties Implemented by FBR

ISLAMABAD: Under the Finance Act of 2023, the Federal Board of Revenue (FBR) has updated revised rates of withholding tax on the sale and purchase of immovable properties from July 1, 2023. The FBR's field formations have implemented the new rates across the country in this regard.

Also Read: Govt. Introduces New Income Tax Rates for Businessmen

Sections 236C (Advance Tax on Sale or Transfer of Immovable Property) and 236 K (Advance Tax on Purchase or Transfer of Immovable Property) withhold tax have been increased. Section 236 C (Advance Tax on Sale or Transfer of Immovable Property) has increased the withholding tax rate for individuals who file income tax returns from 2 percent to 3 percent.

Section 236 C (advance tax on sale or transfer of movable property) has increased the withholding tax rate for non-filers from 4 percent to 6 percent. Section 236 K (advance tax on acquisition or transfer of movable property) has increased the withholding tax rate for filers from 2 percent to 3 percent.

Details showed that under section 236 K (advance tax on purchase or transfer of moveable property), the rate of withholding tax for non-filers has been increased from 7 percent to 10.5 percent. The rates of advance income tax collected under Section 236C and Section 236K have changed as a result of amendments made by the Finance Act 2023.

According to the field instructions provided by FBR, the rate of advance tax under Section 236(c) would be 3 percent for filers and 6 percent for non-filers. The advance tax would be collected at the revised rates under section 236K, which would be 3 percent from filers and 10.5 percent from non-filers. The relevant zones have also been asked to start using the new rates as of July 1, 2023, by the FBR's field formations.

Related News Posts

CM Punjab approves Solar Program "Roshan Gharana Scheme"

CM Punjab approves Solar Progr...

5 hours ago
DHA Quetta Decides to Hold Sector A-6 Ballot on May 18

DHA Quetta Decides to Hold Sec...

2 months ago
Luxury Apartment Project on Murree Expressway Launched by British Firm

Luxury Apartment Project on Mu...

2 months ago
Punjab Govt. Initiates “Apni Chhat Apna Ghar” Scheme for 100,000 Families

Punjab Govt. Initiates “Apni C...

2 months ago