Last Change:
04/25/2025
Finance Act, 2022
Year: 2022
Type: Domestic law
Rights Category: Housing, land & property
Description
An Act to give effect to the financial proposals of the Federal Government for the year beginning on the first day of July, 2022 and to amend certain laws. Whereas it is expedient to make provisions to give effect to the financial proposals of the Federal Government for the year beginning on the first day of July, 2022, and to amend certain laws for the purposes hereinafter appearing.
Selected provisions
(2) Capital value tax shall be charged on the following assets-
(a) motor vehicle held in Pakistan where -
(i) the engine capacity exceeds 1300 cc; or
(ii) in case of electric vehicles, the battery power capacity exceeds 50kwh;
(b) foreign assets of a resident individual where the value of such assets on the last day of the tax year in aggregate exceeds Rupees one hundred million; and
(c) such assets or class of assets as specified by the Federal Government through a notification in the official Gazette at rates not exceeding five percent of the value in such manner as may be specified.