The Chief Inspector of Stamps, Board of Revenue Sindh, has notified that the Capital Value Tax on immovable property has now become Provincial Subject and as such the Provincial Government has rationalised the rates of CVT through Sindh Finance Act 2010, w.e.f July 1, 2010.
An official handout issued here on Tuesday said that the Capital Value Tax (CVT) will be levied and collected at the rates for A-Residential immovable (other than flats), situated in Sindh province, B-Residential flats situated in Sindh; and C-Commercial and Industrial immovable property, situated in Sindh. It added that where the value of immovable property is recorded.
(A) from 240 sq. yards to 499 sq. yards, 2 percent of the recorded value will be charged; (b) from 500 sq. yards to 1000 sq. yards, 2.5 percent of the recorded value while (c) from 1001 sq. yd. and above, the 3 percent of the recorded value will be charged.
With regard to residential flats situated in Sindh, where the value of immovable property is recorded a) from 1000 sq. ft. to 1500 sq. ft areas in categories of the valuation table, 2 percent of the recorded value will be charged, b) from 1501 sq. ft to 2200 sq. ft areas in all categories of the valuation table, 2 percent of the recorded value will be charged and where the value of immovable property is not recorded, an amount of Rs 10/- per square feet of the landed area will be charged.
Besides, for the commercial and Industrial immovable property situated in Sindh, 2.5 percent of the recorded value will be charged where the value of immovable property is recorded, and Rs 100/- will be charged per square yard of the landed area, where the value of immovable property is not recorded, it was added. According to procedure of payment of CVT, all sub Registrars will be issued challans for payment of CVT and the CVT will be paid in the Head of Account "B017-Capital Value Tax" in concerned branches of National Bank of Pakistan, in respect of Karachi the CVT would be deposited in the National Bank branches.-PR
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