Interim Relief From Deemed Income Tax On Real Estate Is Granted By The Supreme Court
The 20 percent deemed income tax on real estate would be suspended temporarily, according to the Supreme Court of Pakistan. Since tax officials now need to collect Rs560 billion in a week to meet the revenue target for the next nine months, this change is likely to hinder their efforts to collect taxes.
Taxpayers only need to pay half of their presumed income tax until the Supreme Court of Pakistan issues a ruling, according to Chief Justice Umar Ata Bandial. The Federal Board of Revenue (FBR)’s performance and the way it achieved its objectives by concentrating on a small group of taxpayers were criticized by the court in an interim ruling.
The court also ruled that the FBR cannot take unfair action against taxpayers who have already paid half of their tax bill.
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