Gwadar: The Federal Board of Revenue (FBR) has notified the revised valuation rates of immovable properties in the Gwadar region, according to a news article published on August 21.
The FBR issued a circular S.R.O. 339(I)/2022 to announce the modification in immovable property rates. The notification also stated that the Federal Board of Revenue is pleased to determine the new valuation rates that will be effective immediately in the exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001) and in supersession of its Notification No. S.R.O. 1545(I)/2021, dated the 1st December 2021.
Read:FBR, PRA team up for single sales tax return portal Moreover, the SRO has increased the tax on sales and purchases of immovable property from 1% to 2%, while tax would be higher for people not on the FBR’s active taxpayers list (ATL).
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