Islamabad: The Federal Board of Revenue (FBR) is considering imposing a luxury tax in the coming budget (2022-23) on the big houses that are located in posh areas, according to news published on June 2.
As per the details, the FBR is reviewing the legal aspects of the proposal; however, the final decision has not been taken. The Punjab government in the Finance Bill 2013-14 levied a luxury tax on the residential properties in the areas that fall under Category A of the Punjab Urban Immovable Property Tax Act, 1958. The details of the tax rates are as follows:
PKR 0.5 million for a residential house measuring two (or above) kanals but less than 4 kanals
PKR 1 million for a residential house measuring four (or above) kanals but less than 8 kanals
PKR 1.5 million for houses measuring more than 8 kanals
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
