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Tax on deemed income from unused property introduced

ISLAMABAD/ KARACHI: The FBR has proposed Rs153 billion taxes on immovable property/assets within the country and offshore assets through Finance Bill 2022. The tax on deemed income from an unused property above Rs25 million, including luxury farmhouses, has been proposed. It will fetch Rs30 billion on a per annum basis.

The FBR has increased the Capital Gains Tax on immovable property by non-filers from 2 to 5 percent, which will help it collect Rs40 billion in the next fiscal. The increase in the rate from one percent to two percent on sale and purchase of property for tax-filers will bring an additional revenue of Rs45 billion in the next fiscal starting from July 1, 2022.

The Capital Value Tax at a rate of one percent on foreign immovable properties of Pakistani residents will fetch an additional revenue of Rs8 billion. The Capital Value Tax at a rate of one percent on the liquid foreign assets of Pakistanis will fetch Rs10 billion.

The FBR has also imposed two percent tax on earners of above Rs300 million per annum and this one measure can help it collect Rs38 billion. Builders say the steps taken in the budget 2022-23 will prove to be detrimental for the construction sector as it would not remain attractive for people to invest in the sector.


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