ISLAMBAD: The Federal Board of Revenue (FBR) has reviewed the valuation of properties located in Gwadar areas for determination of fair market value and collection of tax.
The FBR published SRO 1271(I)/2022 dated August 01, 2022 revising the property assessment of properties located in the districts of Gwadar.
In exercising the powers conferred by subsection (4) of section 68 of the Income Tax Order 2001 (XLIX of 2001) and in lieu of Notification No. SRO 339(I)/2022As of March 2, 2022, FBR is pleased to determine the following fair market value of real estate as specified in columns (3), (4), (5), (6), (7) and (8) of the table below, with respect to the areas of Gwadar as specified in column (2) thereof, namely:
Download Latest Real Estate Valuation for Gwadar Areas
The FBR collects income tax withheld at source on the sale and purchase of immovable property under Section 236C and Section 236K of the Income Tax Order 2001.
The tax rate is 2% for buyers and sellers of real estate. The tax rate was reduced from 1% to 2% to 2% through the 2022 finance law.
The payment of the tax will be higher for persons not appearing on the list of active taxpayers (ATL) issued by the FBR.