- FBR plans to increase the amount of the sale tax, the purchase of goods by 50%.
- The goods sector pays 169 billion Wht rupees during the first nine months of fiscal year 24-25.
- The amount of tax increases by almost 24% in the first nine months of fiscal year 24-25.
Islamabad: During the first nine months (July-Mailles) for the current year, the Federal Board of Revenue (FBR) collected RS169 billion due to restraint (WHT) both on the sale and purchase of real estate, compared to RS136 billion during the same period of the last financial year, The news reported.
The number of transactions was faced with a drop in the range of almost 15% during the current financial year, although tax rates experienced a phenomenal increase during the last FY24-35 budget.
The FBR had planned to increase the amount of the sale tax and the purchase of goods by 50% after having increased tax rates, but, so far, the amount of tax has increased by almost 24% in the first nine months of 24-25 to the 2010 financial year compared to the same period in the last financial year.
Tax rates on the sale of real estate in less than 236c were 1% for declarants and 2% for non-sequences during the 2021 taxation year, which was increased to 2% for declarants and 4% for non-sequences during the 2023 taxation year. This WHT rate was increased to 3% for declarants and 6% for non-bin 2024.
The early tax on the purchase of real estate was 1% for declarants and 2% for non-selectors in 2021 and it was increased to 2% for declarants and 7.5% for non-sequences in 2023. Now in the last budget for 2024-25, it was increased to 3% for declarants and 10.5% for non-series.
In the midst of this massive increase in tax rates, the real estate sector paid 169 billion rupees in the form of restraint to restraint (WHT) both on sale and purchase during the first nine months (July-March) for the current year.
The contribution of the real estate sector in the form of taxes took place at Rs136 billion during the same period of the last financial year, testifying to an increase of 24.3% during the current financial year.
However, the Government has summarized for the abolition of the right of federal excise (Fed) on goods whose contribution to the national Kitty was less than 2 billion rupees in the first nine months of the current financial year.
“The federal cabinet has not yet given its sign of the head on the Fed and can be deposited in Parliament in the form of a bill. Although it is the government’s wish to promulgate an order to abolish the Fed, but the IMF cannot grant its permission to do so “, the senior government officials confided, but the IMF cannot grant permission to do so”, the senior government officials confided, but the IMF cannot grant its permission to do so “, the senior government officials confessed, but the IMF do ”, senior government officials have confided in the FEM The news Here on Sunday. The Fed rate for declarants amounted to 3%, late declarants by 5% and 7% for non-sequences.
On the other hand, the salaried class has so far paid approximately 370 billion rupees in the form of tax amount during the current financial year. The salaried class exceeds among all other sectors due to the tax contribution that goods and exporters. The salaried class has exceeded other sectors which earned more, but their contribution was negligible to the Kitty National.
The sources indicated that article 236c of the income on income dealt with early tax on the sale of goods and that there was a tax rate of 3% for declarants and 6% for non-sequences. In less than 236c, the FBR has so far collected 84 billion rupees in the first nine months of the current financial year against 65 billion rupees during the same period of the last financial year.
In less than 236K, the FBR collected 85 billion rupees in the first nine months of the current year against 71 billion rupees during the same period of the last financial year.
The government had imposed a tax on capital gains of 15% (CGT) on the gains of the real estate sector, but it will occur with the next income declarations.