FBR directs new rates for advance tax of property

Islamabad: Federal Board of Revenue (FBR) has issued instructions to collect advance tax on sale and purchase of immovable property at a new rate.

In this regard, FBR has issued a letter to the Provincial Revenue Boards and Capital Development Authority.

The post stated that advance tax on purchase and sale of immovable property has been increased from 01% to 02%.

FBR notification further stated that three-year exemption on sale and purchase of immovable property has also been abolished, while providing tax payment certificate at the time of sale of immovable property has also been made mandatory.