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ISLAMABAD: Finance Act 2023 has imposed a new advance tax on the construction, development and disposal of commercial and residential businesses.

Under the Finance Act 2023, the new advance tax will be collected on a Project to Project basis.

Through the Finance Bill 2023 a concession was proposed to persons of Pakistan origin from the collection of advance tax on purchase of immovable property. This concession is proposed to be removed. This is not a correct step as such persons are generally not taxable in Pakistan and tax paid is not adjustable against income in Pakistan.

The perpetual tax amnesty available under section 111(4) of the Income Tax Ordinance which was limited to a sum of Rs 5 million for remittance from outside Pakistan in a tax year was proposed to be increased to USD 100,000 has been removed. The amnesty is now available at the old limit of Rs 5 million, according to the Finance Act 2023.

Copyright Business Recorder, 2023

Comments

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Maqbool Jun 27, 2023 01:40pm
Would FBR kindly inform the public, who are the exceptions to the rule , in collecting Tax in the Real Estate sector. We all know all Pakistanis are not taxed equally , as required in our Constitution.
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Mir Adnan Yakub Jun 29, 2023 12:20pm
Govt will get nothing out of it. Fake govt makes fake laws.
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Ahmad Jun 30, 2023 08:41am
Taxes Taxes Taxes. Where,how and why they are spent ,no clues no answers.
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Sheikh Asif Rashid Jul 01, 2023 12:08pm
IT IS VERY DISGUSTING YO NOTE FINANCE MINISTRY AND ITS OFFICERS ARE PLAYING HAVOC WITH PUBLIC BY INCREASING TAXES LEFT AND RIGHT.THEY ARE PAID HEAVY SALARIES AND PERKS AS FREE GAS FREE PETROL FREEE ELECTRIC WHEN THEY RECEIVE HIGH SALARY THEY MUST PAY ALL ITILITIES AS THE GENERAL PUBLIC.YEA KOEEY KAAM KAR KAY AAHHSAAN NAHI KAR RAHAY.THEY ARE PAID.WHY PUBLIC SHUD PAY FOR THEIR EXTRAVAGENT LIVING.FINANCE MINISTER SHUD TAKE IMMEDIATE ACTION TO CORRECT THIS ZULM ON PUBLIC
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Sheikh Asif Rashid Jul 01, 2023 12:15pm
Dear admin bre.You must publish my comment which is based on Facts and Justice.we have to stand up for the RIGHT.
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Sheikh Asif Rashid Jul 01, 2023 12:32pm
Please publish my Comment. I take full Responsibility. I wud send it to FBR AND FINNANCE MINISTER.WE WUD NOT BEG FOREIGNERS FOR FUNDS IF WE PUT OUR HOUSE IN ORDER .
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Asif Manzoor Jul 04, 2023 11:12am
@Ahmad, Check UAE , ENGLAND, SWITZERLAND etc properties and bank accounts of these tax collectors
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