Excise Duty on Property - Amendments in the Federal Excise Rules, 2005

Government of Pakistan Revenue Division Federal Board of Revenue or context, Inland Revenue S.R.O. No. 1376(1/2024.-In exercise of the powers conferred by section 40 of the Federal Excise Act, 2005, the Federal Board of Revenue is pleased to direct that the following further amendments shall be made in the Federal Excise Rules, 2005, namely: - k k*k* In the aforesaid Rules, after Chapter XVI, the following new Chapter shall be added, namely: 92. NOTIFICATION Page 1 of 4 Islamabad, the Sh September, 2024. 90. Application. The provisions of this Chapter shall apply to collection and payment of duty on property in terms of entries in columns (2) to (4) againstS. No.1 (c) Chapter XVII 91. Definitions.  In this Chapter, unless there is anything repugnant in the subject EXCISE DUTY ON PROPERTY (a) developer" means a person engaged in development of land for conversion into residential or commercial plots and sale thereof and includes a housing society, a cooperative society, a development authority or a similar entity engaged in the development of land for conversion into residential or commercial plots and sale thereof; (b) builder" means a person engaged in construction of residential or commercial buildings for sale thereof, and includes a housing society, a cooperative society, a development authority or a similar entity engaged in the same construction activity; (d) *open plot" means any immovable property without a superstructure. Procedure for collection of duty. -(1) Every developer or builder at the time of allotment or transfer of commercial property and first allotment or first transfer "dutiable property" means excisable property as specified in the Table III of the First Schedule to the Act; and in column (1) of Table-III of the First Schedule to the Act. of open plots or residential property shall collect duty at the rate of

Page 2 of 4 (a) 3% of gross amount of consideration involved where the buyer is appearing on active taxpayer list maintained under section 181A of the Ordinance on the date of acquisition of the property; (b) 5% of gross amount of consideration involved where the buyer has not filed the income tax return by due date as specified in proviso to rule IA of Tenth Schedule to the Ordinance; or (c) 7% of gross amount of consideration involved where the buyer iS not appearing on active taxpayer list maintained under section 181A of the Ordinance, on the date of acquisition of the property. (2) The duty collected by developer or builder shall be credited to the Federal Government on the same day through a computerized payment receipt (CPR) or SWAPS payment receipt (SPR) as set out in the Form 'A' attached to (3) The developer or builder shall furnish to the Commissioner a monthly statement as per Form 'B' attached to these rules. (4) Where, for any reason, the duty is not paid or short paid, by way of credit to the Federal Government, by the developer or builder, the Officer Inland Revenue having jurisdiction over the developer or builder for the purposes of the Act, shall proceed to collect the amount of duty so unpaid or short paid under section 14 of the Act and the amount of default surcharge under section 8 of the Act on the duty unpaid or short paid for the period commencing on the date on which the duty was due and ending on the date on which it was (5) Where at the time of recovery of duty it is established that the duty that was to be collected from a person has meanwhile been paid by that person, no recovery shall be made from the developer or builder who had failed to collect the duty but the developer or builder shall be liable to pay the default surcharge at the rate as provided under section 8 of the Act from the date the these rules. paid person failed to collect the duty to the date the duty was paid.

FBR SBP Banking Services Corporation CPR No Province: Tehsil Sr. Sr A. PARTICULARS OF BUYER(S) Type 1| NNNNN-NNNNNNN-N B. PARTICULARS OF SELLER(S) Land Size Province Name CNICNTNPP No. of Seller 1| NNNNN-NNNNNNN-N Covered Area Address Town CNIC/NTNPP No. of Buyer Name of Purchaser FED Rate C. LOCATION & PARTICULARS OF PROPERTY FE-NNNNNNNN-NNNN-NNNNNNN Purchase Price / Value Payment Mode Commercial Amount of Tax ADC (e-payment) Amount payable in words D. PAYMENT DETAILS Page 3 of 4 Acre(s) Amount of Tax in Words COMPUTERIZED PAYMENT RECEIPT ( CPR -FE) District: Distnict Name |Housing Authority Khasra/Khewat/Acre/etc. No. FE-NNNNNNNN-NNNN-NNNNNNN Name Plot / House / Flat / Shop/ Office No. Amount SALES TAX DEPARTMENT Name of Seller Name Sector / Phase / Mohalla/ Block etc. Date of Purchase/Acquisition by the Current Seller Do/MM/Y Residential Kanal(s) Date Sq Yards [see rule 92(2)] Form 'A' DD-MM-YYYY Province Alternative Delivery Channel -ADC (0101): Islamabad Capital Territory Marla(s) AC/ Ref No Sq Feet Payment Date Sarsai(s) Street / Lane etc. No. Tax Year Tax Office Tax Office Name Buyer ATL Status: AT/Non-ATYLate Filer : D0-MM-YYYY FED Amount Bank & Branch %Age Share Buyer Type District/Tehsil/Housing Society %Age Share Seller Type Principal Seller Sq Yards NAM Code: B02485 Owner Signature & Stamp of Manager / Authorized officer Sq Feet

NTN S. # (1) Name Page 4 of 4 of the buyer (2) Federal Excise Duty on Property Name of developer or builder: Location Area Consideration of preparty Form B' [see rule 92(3)] (3) IC. No, 3(3)/ST&FE-POLICY/2024] (4) received (5) Tax Period: MMYY FED CPR # rate (6) FED paid (7) 8 (TZkar Zreri Second Secretary (ST&FE-Rolicy