tax fbr

FBR Slaps Fixed Tax On Builders

The FBR slapped fixed tax on builders by distributing them into three different categories on the basis of cities.

According to finance bill 2016-17, the government imposed Rs 210 per square feet for commercial buildings in cities li Karachi, Lahore and Islamabad which are categorized into A category.

Hyderabad, Sukkur, Multan, Faisalabad, Rawalpindi, Gujranwala, Sahiwal, Peshawar, Mardan, Abbottabad and Quetta fall into category B and Urban Areas not specified in A and were categorized as C with same rate.

For residential buildings, for category A, the area in square feet up to 750, the imposed rate of tax will be Rs 20, for category B the rate will be Rs 15 and for category C the rate will be Rs 10 per square feet.

For area of 751 to 1500 square feet, the imposed rate will be Rs 10 per square feet in category A, Rs 35 for category B and Rs 30 for category C.

For area of 1501 square feet or more, the imposed rate of tax will be Rs 70 per square feet for category A cities, Rs 55 for category B and Rs 35 per square feet for category C area of the country.

The FBR also proposed fixed tax for developers as for commercial plots the fixed rate will be Rs 210 per square yard in all three categories.

In case of residential plots, the imposed tax up to 120 square yard will Rs 20 in category A, Rs 15 into category B and Rs 10 for category C. for area of 121 to 200 square yards, the imposed rate will be Rs 10 in category A, Rs 35 for category B and Rs 25 for category C.

For 201 and more area per square yards, the imposed tax rate for category A area will be Rs 70 per square feet, Rs 55 for category B and Rs 35 for category C.

Related News

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2016 — TheTruthPursuit. All Rights Reserved.