Islamabad: The federal government has imposed Rs 440 billion in new taxes with a focus on the real estate sector, in the budget for the next fiscal year 2022-23.
FBR Chairman Asim Ahmad, in a media briefing, informed that the Federal Board of Revenue has proposed to impose Rs440 billion in new taxes, which include Rs34 billion in Customs duties, Rs90 billion in Sales Tax and Federal Excise Duty, and Rs316 billion in income tax.
He also said that FBR has proposed to give a relief tune of Rs85 billion in taxes to the masses in the next fiscal year. The net impact of the taxes would be Rs355 billion.
As per the Finance Bill, the government has proposed Rs316 billion in new income tax measures for the next fiscal year.
The chairman said the FBR has proposed a 5% tax on income on non-productive immovable as well as un-utilized commercial/residential/industrial plots and farmhouses.
It is pertinent to state that the FBR will give exemption of one property but will deduct Rs25 million from other open plots, adding that FBR will collect Rs30bn through this proposal.
For the latest Real Estate News and Blogs, visit Agency21 International.
Leave a Reply