Pakistan's Federal Board of Revenue has issued Circular No. 9 of 2019. The Circular explains important amendments made in the Income Tax Ordinance 2001 by the Finance Act 2019, which was published in the Official Gazette on 30 June 2019. Some of the key amendments are summarized as follows: Taxation of Gains from the Disposal of Immovable Property The tax rates on capitals gains from the disposal of immovable property are changed from being based on holding period to being based on the gain amount as follows: 5% if the gain is up to PKR 5 million; 10% if the...