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FBR starts tax collection on property transfer

FBR starts tax collection on property transfer

SIALKOT: Federal Board of Revenue (FBR) have started collection of withholding tax on the transfer of the property of Rs.3 million or above in all all six districts Sialkot, Narowal, Gujrat, Mandi Bahaud Din, Hafizabad and of Gujranwala region.
A officials told Customs Today that the FBR had already asked the Punjab government to ensure the collection of withholding tax on all the properties valued Rs. 3 million or more on their sale and purchase, which would be collected from the purchaser/ buyer while the transfer of the said property.
He said that the new collection of the withholding tax would be implemented from July 1st, 2014 and banks will issue the computerized receipts of these tax collections.
The official cited that new tax would increase prices of the properties in the region.
The government has been already collecting the Corporation Tax and Stamp Duty on all the sale and purchase of properties through local Tehsil Municipal Administration (TMAs) and Corporations.