[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The International Monetary Fund (IMF) has instructed Pakistan to raise the advance tax on the purchase of immovable properties in the upcoming budget.
Sources informed ProPakistani that the IMF has directed the Federal Board of Revenue (FBR) officials to increase the advance tax on non-filers purchasing immovable property. Currently, the FBR imposes a 3 percent tax on filers and a 10.5 percent tax on non-filers, collecting Rs. 80 billion this fiscal year. Now, the IMF has recommended increasing this tax for non-filers.
Read more: Pakistan Assures IMF No New Fuel Subsidies
The IMF proposed a 3 percent tax on filers and a 6 to 7 percent tax on non-filers for property purchases up to Rs. 50 million. For properties worth Rs. 50 million to Rs. 100 million, the suggested rates are 4 percent for filers and 12 percent for non-filers. For properties over Rs. 100 million, the proposed rates are 5 percent for filers and 15 percent for non-filers.
Sources indicated that the IMF believes Pakistan could collect over Rs. 100 billion if these proposed tax rates are approved by parliament for the next fiscal year.[/vc_column_text][/vc_column][/vc_row]
