ISLAMABAD: Government of Pakistan promulgated Tax Law Amendment Ordinance 2021 which brought amendments to the law pertaining to the tax on the sale of immovable property.
According to the promulgated law, a person attesting, registering or recording the transfer of any immovable property will collect advance tax at the rate of one percent from the seller or transferor.
Furthermore, the overseas Pakistanis can now open non-resident Pakistani Rupee Value Accounts (NRVAs).
For promoting the trend of electric vehicles, the promulgated ordinance entails tax exemptions to be given on the sale of electric vehicles in Pakistan.
Moreover, the withholding tax ranging from Rs50, 000- Rs200, 000 will be imposed on the sellers on the sale of locally manufactured vehicles within 90 days from delivery.
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