KARACHI: Federal Board of Revenue (FBR) Chief Policy Wing-Inland Revenue Sajidullah Siddiqui has made it clear that three percent additional tax in the amnesty scheme for the whitening of undeclared money in the realty sector is applicable with effect from December 2, 2016.
Siddiqui, during at a meeting with officials of Regional Tax Offices (RTOs) and Large Taxpayers Units (LTUs), Karachi, said that the buyer would pay three percent additional tax on the differential amount (between valuation tables issued by the FBR and property rates notified by provincial governments).
In the last fiscal budget of 2016-17, the government introduced new mechanism for property valuation and then authorised the State Bank of Pakistan (SBP) to evaluate values of immovable properties for the purpose of tax chargeability.
