Karachi: The Federal Board of Revenue (FBR) documented properties worth PKR 50 billion under a tax amnesty scheme during the first seven months of the current fiscal year (2018-19), according to a news report.
The government had announced the amnesty through the Income Tax (Fourth Amendment) Act 2016, by inserting Section 236W into the Income Tax Ordinance2001.
The amendment allowed a purchaser of property to pay a withholding tax of three-percent to document the property. It also exempted the buyer from a probe into the source of income, if the property value is higher than DC rates, but not higher than the FBR rates.
FBR has collected a total of PKR 1.53 billion in taxes on the transactions from purchasers in the July-January period. The figure is 31% lower than the PKR 2.22 billion for the same period the previous year.
