ISLAMABAD: The Federal Board of Revenue has collected Rs1810million revenue through 65,454 transactions under Section 236W during six months of the current Financial Year December 2016 to till 4th of June 2017 under the head of advance income tax at the rate of three percent of the amount difference between the immovable and movable properties notified by the board and the value recorded by the authority registering or attesting the transfer.
It is pertinent to mention here that tax collected under Section 236W will not be adjustable by the purchaser. It is also important to mention here that collection under Section 236W of the ordinance is in addition to the collection of tax under Section 23C and 236K of the ordinance.
According to the FBR official figures in December 2106 when tax has been imposed, the FBR collected Rs93.585million in 4,320 transactions while in January 2017 FBR collected Rs313.072million through 12,726 transactions. Likewise in February 2017, the FBR collected Rs302.366million in 12,479 transactions. In March, the FBR collected Rs400.444 million in 13,437 transactions. In April, the FBR collected Rs381.981million in 13,090 transactions and in May FBR collected Rs318.923 million.
The FBR expected that under this new provision of income tax, revenue collection can be brought at the level of Rs2.2billon till June 30, 2017.
