The Federal Board of Revenue (FBR) has increased the Withholding Tax (WHT) for buyers and sellers of immovable property in accordance with the new Finance Act 2023, which will be applicable from 1st July 2023.
Based on the details, the rate of Withholding Tax (WHT) under Sections 236C (Advance Tax on Sale or Transfer of Immovable Property) and 236K (Advance Tax on Purchase or Transfer of Immovable Property) has been increased in the new Budget 2023-24. .
The new WHT on sale or transfer of immovable property for Filers has been increased from 2 percent to 3 percent, while Non-Filers will now have to pay 6 percent WHT, up from 4 percent.
Meanwhile, the rate of Withholding Tax (WHT) on the purchase of immovable properties has been increased from 2 percent to 3 percent for Filers, while Non-Filers will now be charged 10.5 percent WHT on the purchase of a immovable property, which is from 7 percent.
Read more: NEPRA Increases Power Tariff.
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