Pakistan Property

FBR to collect withholding tax on property at market rates

en.ppostnews.com: Islamabad: The Federal Board of Revenue (FBR) has decided to collect withholding tax at market rate on real estate in Islamabad, according to a news source. In this regard, notifications have been issued to regional tax offices to determine the fair market value of property in housing societies and the Capital Development Authority (CDA) sectors that fall in nine towns of the city.

In August last year, when valuation tables for different cities were prepared, the FBR didn’t release fair market value of properties in B-17, C-15, C-16, D-13, D-17, G-13, G-14, G-15, G-16, F-14, F-15, F-16 and F-17. According to the new notification, the fair market rates of these CDA sectors and many other housing societies in Islamabad will be prepared and sent to the FBR, which will then collect withholding tax on the new rates. Previously, property owners in the mentioned CDA sectors and many other societies were paying withholding tax on the old DC rates, click here for more details

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