- SRB has notified new sales tax rates for services related to immovable property for the tax year 2024-25
- The adjustments were made through the provincial Finance Act, 2024 to streamline the tax structure and increase compliance
- Updated sales tax rates for services related to immovable property include standard and reduced rates for purchase/sale/hire, services provided by property dealers, and renting of immovable property services
- Exemption for renting of immovable property services provided to individuals with low income
- SRB aims to enhance revenue collection and provide relief to specific segments by updating sales tax rates
- Changes are expected to impact the real estate sector in Sindh, requiring adjustments in financial planning and accounting practices
- Tax experts suggest that the updated rates will lead to a more transparent and efficient tax system
- SRB likely to issue further guidelines and clarifications to assist taxpayers in implementing the changes
- Provincial government’s focus on revising tax rates reflects its strategy to enhance fiscal stability and sustainable development
- Stakeholders in the real estate market will closely monitor the impact of these changes on their operations and profitability.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
