Karachi, August 2, 2024 – The Federal Board of Revenue (FBR) has announced the introduction of progressive tax rates on the sale and purchase of immovable property, effective from July 1, 2024. This change, brought about through the Finance Act, 2024, aims to create a more equitable tax structure for property transactions. Under the new regulations, the rates of advance income tax on the sale of immovable property are based on the gross amount of consideration received. The revised rates are as follows: 1. For property transactions where the gross amount of consideration received does not exceed Rs 50 million, the tax rate is set at 3%. 2. For transactions where the gross amount of consideration received exceeds Rs 50 million but does not exceed Rs 100 million, the tax rate is 3.5%. 3. For transactions where the gross amount of consideration received exceeds Rs 100 million, the tax rate is 4%. Similarly, the FBR has applied progressive tax rates on the purchase value of immovable property based on its fair market value. The new rates are: 1. For properties with a fair market value not exceeding Rs 50 million, the tax rate is 3%. 2. For properties with a fair market value exceeding Rs 50 million but…