All Bahria Town projects will be subject to advance income tax as announced by the Federal Board of Revenue. This move is being taken to ensure that all Bahria Town projects are in compliance with Pakistani law. The FBR has stated that this advance income tax will apply to all Bahria Town projects, regardless of their LDA-approved or not-approved area.
Today, the Federal Board of Revenue has issued a notification stating that advance income tax will be applicable on all Bahria projects from August 22, 2022. This means that buyers and sellers will have to pay the advance income tax at the time of purchase and sale. The advance income tax will apply on both LDA-approved and non-approved land.
Previously, the taxes were implemented on LDA-approved properties, but this notification clearly mentions that non-approved areas will also be charged with this tax. However, the ratio of these taxes is different.
Any questions, contact us on WhatsApp for prompt response.
Advance Income Tax
According to the new notification, the advance income tax on all Bahria projects will be levied according to the following percentage:
For Buyers:
- Filers — 2% of the FBR Value
- Non-filers — 7% of the FBR Value
For Sellers:
- Filers — 2% of FBR Value
- Non-filers — 4% of FBR Value
This tax will negatively impact the real estate market as the prices are expected to go high, and the demand for property will go down. The real estate sector was already facing many challenges, and this move will further add to the developers’ and buyers’ woes. Many buyers who were planning to buy property in Bahria Town will now reconsider their decision due to the high taxes.
Booking
Still, you can book your plots in any Bahria Project until August 22. For more updates and any real estate information, you can directly contact CDB Properties. We are 24/7 open to providing a free consultation. Feel free to contact us!
Email: [email protected]
Contact : 03331115200
Contact : 03331115100
Any questions, contact us on WhatsApp for prompt response.
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