Non-Filers To Pay Huge Tax on Buying, Selling Files and Property

non filers to pay heavy tax on plot files

Web Desk — In the upcoming budget (2023-24), the government is likely to further raise taxes for the non-filers on the buying and selling of immovable properties to also document the trading of plot files of private housing societies.

According to sources, the target would be registered property agents who deal in business transactions between the buyers and sellers of immovable properties. Usually, the government avoids withholding tax at the private housing schemes during the trading of files of plots across the country.

It is an open secret that almost all private housing societies, to avoid taxes, do not show actual transfers and the trading of files. The Federal Board of Revenue (FBR) will take necessary measures in the upcoming budget to document buyers and sellers to ensure payment of taxes.

In the case of buying property by people who are not active taxpayers,
the government increased the tax rate from 100 percent to 250 percent of the rate specified in Division XVIII of Part IV of the First Schedule.

The government has incorporated necessary changes in rule 1 of the Tenth Schedule to the Income Tax Ordinance.