Islamabad: The Federal Board of Revenue (FBR) has collected PKR 81 billion during the fiscal year (FY) 2021-22 from property transactions, news sources reported on January 23.
The official number released by the FBR revealed that the income tax collection from the sale and purchase of immovable properties increased by 33% to PKR 81.20 billion during the tax year 2022 as compared with PKR 61.15 billion during the tax year 2020-21. The taxes were collected in terms of withholding tax on the sale, purchase, and transfer of immovable properties under Section 236-C and Section 236-K of the Income Tax Ordinance, 2001.
The documents revealed the following:
Tax collection under Section 236-C of the ordinance jumped up by 37% to PKR 16.62 billion during the tax year 2022, as compared to the revenue generated in the preceding year
Tax collection under Section 236-K of the ordinance increased by 32% to PKR 64.58 billion during the tax year 2022, as compared to the revenue generated in the preceding year
It is important to note that the government has doled out a massive subsidy to the construction industry during the previous year that also included FBR income source amnesty and lowering of taxes on immovable property.
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