Property tax on sales of propery | Property tax in Budget 2024-2025 | fbr
#budget2024 #propertytax
Property tax in budget 2024-25 has been increased the exact procedure to property tax calculation is available in finance act.
property tax pakistan is as per the needs of imf and it demanded that property tax should be increased.
Property tax in pakistan 2024 is all time high as the government has announced that now it will be calculated on the basis of annual rental value of taxable value of property,
Federal board of revenue which is popularly known as fbr is empowered to collect property taxes in pakistan such as 236k tax, 236c tax, 7e deemed income tax however the proeprty tax is collected by provinces through excise and taxation department.
fbr property tax is different from the property tax that is collected by provinces.
In Punjab Government, Pakistan has announced increament in Property tax and proposed Capital Value tax (CVT) of 0.07% on the value of property instead of Self assessment or rental assessment.
There are following yypes of Properties:
Residential Property: Tax is usually levied on the annual rental value of the property.
Commercial Property: Tax rates may vary based on the use and location of the property.
Vacant Land: Some jurisdictions may impose a tax on vacant or unutilized land.
Calculation of Property Tax:
The property tax is typically calculated as a percentage of the annual rental value (ARV) of the property. The ARV is determined by the local authorities and may be revised periodically.
property taxes. The tax rates and regulations may differ slightly from other parts of Punjab.
Different rateshaves been proposed by Punjab government while presenting budget 2024.
As per the proposed ammendments property tax ranging from 0.07% to 0.09% will be implemented on residential property and commercial property under different slabs of Annual rental value i.e. upto 5 million rupees the property tax is exempted for residential however for commercial property it is 0.07%.

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