ISLAMABAD – The Federal Board of Revenue (FBR) has imposed the excise duty on property purchases by developers and builders.
The FBR has issued a notification regarding the tax imposition, which states that a 3% duty will be charged on plots and houses purchased by income tax filers, while a 5% duty will be imposed on those paying income tax late.
For non-filers, a 7% duty will be charged on the purchase of plots and houses.
The notification further states that all developers and builders are required to pay this duty at the time of purchase. The FBR has also issued specific forms for the payment of property duty, and all developers and builders must submit a monthly statement to the relevant FBR commissioner.
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