Procedure issued by the FBR, collection of tax on the value of capitalSEXI News

0

ISLAMABAD: The Federal Board of Revenue (FBR) has published the procedure and collection of Capital Value Tax (CVT).

The government levied a capital value tax on the sale of real estate and motor vehicles through the Finance Act 2022.

Here is the procedure and collection of CVT.

declaration of assets, (1) Any person liable for capital value tax on property referred to in subparagraphs (b) and (c) of paragraph (2) of Article 8 of the Finance Act 2022 must make an electronic declaration in the iris prescribed in the form Ira–A is bound by these rules.

(2) The value of the foreign asset will be converted into Rupees according to the ready-to-use exchange rates for Mark to Market revaluation notified by the State Bank of Pakistan as applicable for the last day of the fiscal year .

Returns to be filed by persons levying capital value tax on motor vehicles. – (l) Each motor vehicle registration authority or manufacturer or person selling a motor vehicle at auction is liable to collect the CVT for a motor vehicle in Pakistan according to the schedule specified in the Iris sub-section on a quarterly electronic statement by the Commissioner will submit. (2) of section 165 of the Ordinance.

(2) Any person liable to collect CVT for a motor vehicle in Pakistan shall also within thirty days of the end of the tax year submit an annual electronic declaration in iris for the year of taxation concerned, in addition to the declaration to be filed. except under subrule (1) of this rule.

(3) The provisions of subsections (2A), (2B) and (4) of section 165 of the Ordinance shall apply, to the extent relevant, to statements filed under this rule. .

(4) Details must be entered as indicated in Iris.

Read more: FBR ordered to ensure rapid evacuation of flood relief materials

Collection of capital value tax. (1) Payment of tax to be collected by a registration authority, manufacturer or person selling a motor vehicle through an auction to the federal government by means of a computerized payment receipt (CPR) or Interchange Payment Receipt (SPR) will be done in These rules are contained in Form “B” attached to them.

(2) A person liable to pay tax in respect of federally specified foreign property or assets must pay the tax as a credit to the federal government through a Computerized Payment Receipt (CPR), at which time the income tax for the tax year. The return is payable for payment of foreign movable property tax, as prescribed in the “CL” form and for payment of foreign real estate tax, as prescribed in the “C-2” form. » annexed to these rules.

(3) All sums of capital value tax levied under Section 8 of the Finance Act 2022 shall be paid to the Federal Government by payment to the National Treasury or authorized branches of the State Bank of Pakistan or of the National Bank of Pakistan. Pakistan,-

(i) the same day if collected by or on behalf of the Government;

(ii) in other cases, this sum must be paid within one week from the date of the said collection.

Remarks

Share.

Comments are closed.