Thursday, 18 August 2022
Trending
TAXATION

Taxation of Builders and Developers

Taxation of Builders and Developers.

There is a complete package covering tax impact from all aspects. Taxpayer is eligible to take the immunity for the same has to be made by June 30, 2021 previously it was December 31, 2020. Benefits to builders and developers as per section 100D of Income Tax Ordinance are as under:

Fixed Tax Regime

A scheduler based fixed tax regime for builders and developers, which can be opted for eligible projects being either new or existing incomplete projects. 

No need to disclose source of investment

The tax authorities are not permitted to require any explanation regarding the nature and source of capital investments in new projects by investors and to the first purchasers of building including units therein in new and existing incomplete projects and for plot purchasers.

Tax amnesty scheme for builders and developers ending at December 31 2020“: ALSO READ

Amount of profits

Facility for builders and developers to incorporate their profits and gains in books of accounts up to ten times the amount of fixed tax paid under the regime on eligible projects.

Exemption from tax on Dividend

Exemption from tax on Dividend distributed by Corporate builder or developer out of the profits and gains of eligible projects, with specific exemption from tax withholding on such distribution.

tax-accounting-services-top-tax-consultants-lahore-pakistan
Ads:

Exempted from withholding tax under section 153

Builders and developers exempted from withholding tax under section 153 of the Ordinance on purchase of materials (except steel and cement) and services (plumbing, electrification, shuttering and other similar and allied services) provided by non-corporate service providers.

Tax measures & reliefs in response to COVID-19 in 2020 by Pakistan” ALSO READ

Tax Rates for Builders, Developers,

Area inKarachi, Lahore and IslamabadHyderabad, Sukkur, Multan, Faisalabad, Rawalpindi, Gujranwala, Sahiwal, Peshawar, Mardan, Abbotabad, QuettaUrban Areas not specified in column (2) and (3)
1234
Tax on Builders – For Commercial Buildings
Any sizeRs. 250 per sq. ft.Rs. 230 per sq. ft.Rs. 210 per sq. ft
Tax on Builders – For Residential Buildings
Up to 3,000 sq. ft.Rs 80 per sq. ft.Rs 65 per sq. ft.Rs 50 per sq. ft.
3,000 sq. ft. and aboveRs 125 per sq. ft.Rs 110 per sq. ft.Rs 100 per sq. ft.
Tax on Developers (Entire Project)
Any sizeRs 150 per sq. yd.Rs 130 per sq. yd.Rs 100 per sq. yd.
For Development of Industrial Area
Any sizeRs 20 per sq. yd.Rs 20 per sq. yd.Rs 10 per sq. yd.
Taxation of Builders and Developers

Source | BUILDERS | DEVELOPERS | TAXATION | FIXED TAX REGIME | FBR |

LATEST POSTS

  • Today’s gold rates in Pakistan – 18 August 2022
    Today’s gold rates in Pakistan – 18 August 2022 Today’s Gold Rates in Pakistan – 18 August 2022: The price of a single tola of 24-karat gold in Pakistan is Rs 141,200 on Thursday, 18 August 2022. The price of…
  • Good News for Car Buyers
    Good News for Car Buyers:. In recent past days, renowned car makers Toyota, Honda and Suzuki increased prices of their car variants. This increase was due to inflation in the country. Inflation increased massively and break out all previous records….
  • How to Check Your Bank Balance Online
    How to Check Your Bank Balance Online How to Check Your Bank Balance Online:. We often try to check bank balance of our bank account. Because we may intend to pay Loan, pay utility bills or payment of educational expenses….
  • FBR Rebuts News Story Published by a Newspaper
    FBR Rebuts News Story Published by a Newspaper FBR Rebuts News Story Published by a Newspaper:. Federal Board of Revenue(FBR) has categorically rejected the news item published in a newspaper that FBR system is under a major ‘cyber attack‘. This…
  • 100 Prize Bond List 15 August 2022
    100 Prize Bond List 15 August 2022:. Prize bond draw of Rs 100 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their schedule of prize bonds which is issued…
  • 1500 Prize Bond List 15 August 2022
    1500 Prize Bond List 15 August 2022 1500 Prize Bond List 15 August 2022:. Prize bond draw of Rs 1500 is held after every three months in different cities of Pakistan. Draw is held under the Directorate of National Savings according to their…

Related posts
TAXATION

Tax on Agricultural Income in Pakistan 2022 | Easy Latest Tax Calculator

Table of Contents Tax on Agricultural Income in Pakistan 2022Tax on Agricultural Income in Pakistan…
Read more
TAXATION

FBR Uploads Income Tax Return Forms for Tax Year 2022

FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded…
Read more
TAXATION

How to Verify FBR Active Taxpayer Status in Pakistan

Table of Contents Steps to Check Active Taxpayer StatusHOW TO VERIFY TAX FILER STATUS THROUGH FBR…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.