Tax procedures for property deals notified

The Federal Board of Revenue (FBR) has notified procedures for developers and builders to collect and pay duty on allotments and transfers of property. The FBR has also issued the Computerised Payment Receipt (CPR-FE) for payment of Federal Excise Duty (FED) through a notification SRO1376 of 2024 issued on Thursday. The amendments were made to the Federal Excise Rules 2005. Through the notification, the FBR defined a developer as someone who develops land for conversion into residential or commercial plots and then sells it. This will include a housing society, a cooperative society, a development authority, or another entity that develops land for conversion into residential or commercial plots and then sells them. Similarly, a builder constructs residential or commercial buildings for sale, including a housing society, a cooperative society, a development authority, or another institution that engages in the same construction activity.