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Karachi’s rental properties are going to be taxed now

June 15, 2019
 
Karachi’s rental properties are going to be taxed now

Photo: AFP

The FBR wants to increase its tax net by taxing Karachi residents who rent out their properties.

It has written to multiple police stations in Karachi and asked them for lists of people who rent out properties.

It has written to the police for data on who rents out their properties, both residential and commercial. There are around three million commercial and residential properties on rent in Karachi, according to the FBR, which says this is about 25% of the total properties in the city.

SHOs have until June 17 to provide the FBR with data of everyone who has rented out properties in the past year, along with the complete addresses of these rental properties, the rental agreements and whether they are residential or commercial properties.

Under the Sindh Information of Temporary Residents Act, 2015, the police have to maintain a database of all tenants and guests.

The penalty for police officers who do not provide this information is Rs25,000 for the first default and Rs50,000 for each subsequent default.

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FBR, karachi, rental property, rent, assets, tax
 
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