Federal Budget 2022-23: Taxes on property and vehicles

BusinessFederal Budget 2022-23: Taxes on property and vehicles

ISLAMABAD, Pakistan: The Finance Minister Miftah Ismail has announced that one percent tax will be levied on the income or rent of the immoveable property with a value of Rs 25 million and above on the basis of fair market value formula.

Unveiling the budgetary proposals for the next Fiscal Year 2022-23 in the National Assembly on Friday, the finance minister however said that one personal residence of an individual will be exempted from this tax.

The minister said that the advance tax on the sale and purchase of properties for filer is being increased from 1 percent to 2 percent while the ratio for non-filers will be 5 percent.

For higher-income persons or companies, 2 percent tax has been proposed on annual income of Rs 300 million or above.

Miftah Ismail said that advanced tax on luxurious vehicles of 1600cc and above will be enhanced.

Furthermore, 2 percent advance tax will be imposed on electric vehicles. Similarly, the rate of tax for non-filers has been increased from 100 percent to 200 percent.

The finance minister proposed to raise the existing tax ratio from 39 percent to 42 percent on banking companies.

The advance withholding tax at the rate of 1 percent for filers and 2 percent for non-filers will be levied on sending money abroad through credit, debit, and prepaid cards. However, the tax will be adjustable against payable tax.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

National Savings Profit Rates 2023

The following are current applicable profit rates of all National Savings Schemes (NSS); NSS CertificatesDefence Savings Certificates (DSC) Behbood Savings Certificates (BSC) Regular Income...
audi Arabia’s Ministry of Hajj and Umrah has rolled out a convenient payment method under which the Hajj pilgrims can pay in three easy instalments

PM Shahbaz Sharif grieved as 20 Umrah pilgrims killed in Saudi Arabia

ISLAMABAD, Pakistan: Prime Minister Shahbaz Sharif has expressed grief and sorrow over the death of Umrah pilgrims in a bus accident in Saudi Arabia.In...
Suzuki Cultus VXL 2023 Installment Plan

Suzuki Cultus 2023 Review – Price vs Fuel Average

Suzuki Cultus remains the top choice of most car owners in Pakistan due to many factors. This popular Suzuki hatchback effectively meets the demands...

AED to PKR: UAE Dirham Rate in Pakistan on 28 March 2023

With a gain of 10 paisas, the United Arab Emirates Dirham (AED) settled at Rs 77.21 against the Pakistani Rupee (PKR) at the Closing...

USD to PKR: US Dollar Rate in Pakistan on 28 March 2023

The US Dollar (USD) gained 38 paisas against the Pakistani Rupee (PKR) in the Interbank Market on Monday to end at Rs 283.58, appreciating...