ProPropertyNewsFBR Reports 33% Increase in Property Tax Collection for FY 2021-22

FBR Reports 33% Increase in Property Tax Collection for FY 2021-22

ISLAMABAD: The Federal Board of Revenue (FBR) has collected PKR 81 billion in income tax from property transactions during the fiscal year 2021-22.

This marks a 33% increase from the previous year’s collection of PKR 61.15 billion.

According to the details, the taxes were collected through withholding tax on the sale, purchase, and transfer of immovable properties under Section 236-C and Section 236-K of the Income Tax Ordinance, 2001.

ALSO READ  FBR Exempts Builders and Developers from Renewing their Annual Registrations

The tax collection under Section 236-C increased by 37% to PKR 16.62 billion, while the collection under Section 236-K increased by 32% to PKR 64.58 billion.

It is important to mention that the government has provided substantial subsidies to the construction industry in the past year, including amnesty for FBR income sources and reduced taxes on immovable property.

Leave a Reply

Your email address will not be published.

close