The Federal Board of Revenue (FBR) has introduced a new excise duty targeting property purchases made by developers and builders.
According to a recent notification, a 3% duty will be levied on plots and houses acquired by individuals who file income tax on time, while those who delay their tax payments will face a 5% duty.
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Non-filers, however, will be subject to a higher rate of 7% on their property purchases. The FBR has made it mandatory for all developers and builders to pay this excise duty at the time of the transaction.
Furthermore, the notification specifies that monthly statements must be submitted to the relevant FBR commissioner, along with newly issued forms designed for property duty payments.
