Increased immovable property withholding tax

In accordance with the Finance Act 2023, the Federal Board of Revenue (FBR) in Islamabad has increased withholding tax on immovable properties as of July 1, according to a July 4 news report.

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According to the information provided, the board has increased the fees for purchasers and sellers of real estate. Regarding the sale, transfer, purchase, or transfer of immovable property, the recently enacted Finance Act 2023 has resulted in an increase in withholding tax for income tax filers and non-filers.

The rate of withholding tax has increased from 2% to 3% for filers and from 4% to 6% for non-filers, per section 236C.

Similarly, the withholding tax rate under section 236K has increased from 2% to 3% for filers and from 7% to 10.5% for non-filers. These adjustments have been made in accordance with the FBR’s instructions.

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