FBR DECIDES TO REDUCE THE PERCENTAGE, DURATION OF THE PROPERTY TAX


FBR DECIDES TO REDUCE THE PERCENTAGE, DURATION OF THE PROPERTY TAX

The Federal Revenue Board (FBR) has decided to reduce the duration and percentage of withholding taxes on the purchase of a property.

The duration and rate of property tax will be announced by the government on Sunday.

Currently, there are no taxes if the property is maintained for more than three years. However, if the property is sold within three years, a property tax will be imposed.

According to the report, no taxes will be levied on a house or a flat if they are sold after four years, however, a sales tax of five percent on the property will be imposed for a value of Rs5 million if it is sold before four years. years.

After June 30, a 15 percent tax will be applied to properties sold within 10 years of ownership.


The finance bill 2019-2020 has proposed a period of 10 years in which the interest rate to sell the property will be zero.

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