Pakistan

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Expects Iran-US deal 'sooner rather than later'

House pays tribute to CDF Field Marshal Munir for his courageous leadership

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Senate panel raises concern over formula milk cartel influence

Parliamentary committee seeks report on Cambridge paper leak

Wah Cantt police say victim killed for 'honour'

Pindi's three major public hospitals face millions in unpaid vendor dues

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CM questions decades of unrest, demands end to violence

ISLAMABAD: The Federal Constitutional Court (FCC) on Thursday set aside Section 7E of the Income Tax Ordinance (ITO) 2001 as ultra vires the Constitution, which had empowered tax authorities to levy tax on “deemed income” from assets and properties. Having a significant impact on the Federal Board of Revenue’s (FBR) property taxation, Section 7E was introduced through the Finance Act, 2022, for the tax year 2023. It provided for taxation on deemed or notional income arising from ownership of certain immovable properties, subject to specified exemptions relating to personal residences, agricultural land, and other exempt categories recognised under the statutory framework. The Finance Act 2022 had imposed tax on the “deemed income” of taxpayers holding immovable property worth over Rs25 million. The provision taxed such property at five per cent of its FBR-defined fair market value, subject to a 20 per cent tax rate, resulting in an effective annual tax of one per cent on the capital value of undeveloped or no...

Sindh High Court rules that sealing BRT Red Line contractor's machinery was illegal