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Increased withholding tax on sale and purchase of property in Pakistan
The Finance Act 2023 has increased the rate of withholding tax on the sale and purchase of property under section 236C and 236K of the Income Tax Ordinance 2001.
For filers, the rate of withholding tax has been increased from 2% to 3%. For non-filers, the rate has been increased from 4% to 6% under section 236C and from 7% to 10.5% under section 236K.
This increase in withholding tax is aimed at increasing the government's revenue collection from the property sector. It will also help to discourage speculation in the property market.
https://taxhome.pk/
