LAHORE – The Punjab Land Records Authority (PLRA) has directed revenue officers across the province to collect taxes from both buyers and sellers of immovable properties as per the revised rates for the ongoing fiscal year.
The Finance Act 2023 had been amended, making adjustments to the income tax rates and related provisions of the Income Tax Ordinance 2001.
Before these amendments, sale/purchase of properties was subject to tax rates of 2 percent for filers and 4 percent for non-filers.
The revised rate for filers is 3 percent and for non-filers it is 6 percent on the sales/transfers of properties.
Previously, filers were required to pay 3 percent in taxes, while non-filers were taxed at a rate of 7 percent on purchases of properties.
Now, the tax rates will remain at 3 percent for filers, but non-filers will be subject to a higher tax rate of 10.5 percent for property purchases.
As per the Board of revenue officials, implementation of revised rates will enhance revenue generation and ensure a fair taxation system in the real estate sector.
