NEW FORM FOR TAX ON PROPERT,

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For information and discussions of valued readers;. ISLAMABAD (May 28 2009): The purchasers of the immovable property, including commercial and residential property within urban areas, are required to deposit the capital value tax (CVT) under the new challan form. In this connection, the FBR has amended the CVT Rules 1990 through SRO 416(I)/2009 issued here on Wednesday. The Federal Board of Revenue (FBR) has issued new CVT challan form on property transactions to introduce the system of Computerised Payment Receipt (CPR) by banks.

Sources told Business Recorder that the purchasers of immovable property including commercial and residential property of specified sizes within urban areas are required to deposit the CVT under this new form. The purchaser would complete the basic information under new CVT form. He would take the CVT form to the concerned registration authority for valuation of the property for CVT purposes.