ISLAMABAD: The Federal Board of Revenue (FBR) has collected Rs 5.077 billion revenue through 20,275 transactions under the head of advance tax on purchase of immoveable property, under the provision of section 236 K of withholding tax, in first seven months of the current financial year i.e. from July 1, 2016 to January 31, 2017.
Sources told Customs Today that the FBR collected Rs 2.969 billion last fiscal year (2015 – 2016) in same period through 24,257 transactions. The FBR collected Rs 2.108 billion more revenue in less 3,982 less transactions.
According to the FBR sources under the provision of section of 236 K of withholding tax, every person who will purchase the immoveable property value of more than Rs 4 million would pay the tax. The ratio of tax for filers is 2% and for non-filers 4%.
Sources said during July2016 FBR collected Rs 255 million revenue in 1,624 transactions, in August Rs 617 million were collected in 2,675 transactions, in September Rs 674 million through 2,695 transactions, in October Rs 782 million through 2,781 transactions, in November Rs 1,019 million through 3,965 transactions, in December Rs 958 million through 3,597 transactions and in January 2017, the FBR has collected Rs 769 million in 2,938 transactions.
