FBR Eliminates Holding Period for Property Capital Gains Tax in 2024 The Federal Board of Revenue (FBR) has repealed the holding term requirement for property capital gains tax for properties purchased on or after July 1, 2024, according to press reports. (Lahore, August 2024) In a recent development, the FBR eliminated all holding term limitations for capital gains tax for properties...
FBR to Raise Property Rates and Revise Taxes Starting July 2024 In a recent announcement, the Federal Board of Revenue (FBR) in Pakistan, along with the government, has decided to increase property rates and revise taxes starting July 2024. This decision, approved by the World Bank under the "Pakistan Raises Revenues" loan scheme, aims to improve tax collection efforts across the country. Higher...
Punjab's Real Estate Market Gets Relief From FBR LAHORE: According to the Federal Board of Revenue, persons involved in the real estate sector in Punjab are exempt under Section 7E. (As reported by the news source) Section 7E of the Income Tax Ordinance, 2001 has been informed of a partial amendment by the Federal Board of Revenue (FBR). The current budget includes a 1% tax on the purchase,...
FBR recently changed the rule that allows tourists to temporarily import vehicles without paying duties and taxes for a limited period of six months. The FBR proposed amendments to the 2001 customs rules via a notice published here on Friday March 7, 2021 According to SRO.201 (I) / 2021, "tourist" means a person who does not normally reside in Pakistan, who enters Pakistan for a stay of no more than...
FBR, AJCL Sign Track and Trace Contract Islamabad: Contract Signed Between FBR and AJCL Consortium for Track and Trace System A contract has been signed between the Federal Revenue Board (FBR) and AJCL together with its main partner Authentix Inc. USA and Mitas Corporation of South Africa to implement the Track & Trace solution on tobacco, cement, sugar and fertilizers sectors here at the...
Fulfilling a major demand of the construction industry, Prime Minister Imran Khan Thursday granted one-year extension in date for the fixed tax regime, till Dec 31, 2021. He made this decision to boost economic activity and create employment opportunities. PM made the announcement after chairing a review meeting on progress in the construction sector. In addition, he termed the extension a New Year gift...