ISLAMABAD: The federal government is likely to impose taxes on non-filers, on the buying and selling of immovable property in the upcoming budget (2023-24).
Sources close to the development said that the FBR under World Bank’ Pakistan Raises Revenue Project (PRRP) is working on harmonization of the valuation of immovable properties between FBR and the provincial governments/districts.
Under this project, FBR has prepared proposals to further increase the tax rate for non filers on purchase of property. This move will incentivise property owners to file taxes leading to an overall larger tax net.
Presently, the government in budget 2022-23 increased the tax rate from 100 percent to 250 percent in case of the purchase of property by persons who are not active taxpayers.Â
FBR will also target those registered property agents who are involved in business transactions between the buyers and sellers of immovable properties to ensure payment of taxes.
Sources also said that the FBR will issue increased values of immovable properties from July 1, 2023.Â
The FBR has started the process of the updation of valuation tables of properties across Pakistan in consultation with the provincial authorities.
The FBR has asked the senior members of the Board of Revenues, Sindh, Balochistan, Punjab, Khyber-Pakhtunkhwa, and Gilgit-Baltistan to issue instructions to the divisional and district heads, for the nomination of representatives of the Board of Revenue. These representatives will partake in consultation/consideration with the teams constituted by the chief commissioners of Regional Tax Offices.
Prior to my retirement I was filer till my retirement from gtovernment service till 4.5.2012/ As per Government policy regarding exemption of retired persons from Tax, So I becam non-taxpayer. Please let me know, what will be my status if, I sale my plot etc, in respect of gain tax and stamp papers etc,
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