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SRO likely by January 20-25: FBR may start collecting two percent WHT on property deals

The Federal Board of Revenue (FBR) is likely to fix January 20-25 - the date for collection of 2 percent withholding tax on the purchase or transfer of immovable property from non-filers of income tax returns.

Sources told Business Recorder here on Thursday that the FBR is expected to issue an SRO to specify a date for charging 2 percent withholding tax on purchase or transfer of immovable property from non-filers of income tax returns. If the proposed amendment is approved, the government would start collecting 2 percent withholding tax on purchase or transfer of immovable property from non-filers of income tax returns. The date could be January 20 or any other date of remaining days of current month for charging enhanced rate of withholding tax from non-filers of returns.

So far the FBR is charging withholding tax at the uniform rate of one percent of the value of the property if the purchaser is a filer or non-filer of return. As now the FBR has issued taxpayer cards to the filers of returns, the non-filers would be subjected to 2 percent tax on purchase of immovable property as per Finance Act, 2014.

Sources said that the persons not having cards issued by NADRA would be subject to a double rate of withholding tax on purchase of property.

Copyright Business Recorder, 2015



 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyMarch
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyMay 21, 2015
Reserves $17.75 bln