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Who Will Pay Property Tax in Pakistan as Per Law

As per Lawkidunya, a resident person owning immovable property in Pakistan will be taxed on deemed income for tax year 2022 and onwards. Such deemed income shall be computed as 5% of the Fair Market Value of the immovable property as per official notification issued by the Federal Board of Revenue (FBR). The rate of tax on such income is prescribed as 20%.

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