Islamabad: The Federal Board of Revenue (FBR) will charge non-filers 7 percent Federal Excise Duty (FED) on the allotment or transfer of property, as reported on July 25.
As per details, this tax applies to commercial properties and the first allotment or transfer of open plots or residential properties if the buyer is not listed on the active taxpayer list (ATL) under section 181A of the Income Tax Ordinance, 2001, at the time of acquisition. For buyers who have not filed their income tax returns by the due date specified in the proviso to Rule 1A of the Tenth Schedule to the Income Tax Ordinance, 2001, the duty rate will be 5 percent.
Additionally, for those appearing on the active taxpayer list, the FED will be 3 percent of the gross amount of the transaction. This duty applies to the allotment or transfer of commercial property and the first allotment or transfer of open plots or residential properties by any developer or builder.
