Islamabad: In the period between 2021 and 22, news reports have been published, the government proposes to impose the flat 5 percent Capital Gains Tax (CGT) on sale and tax on property worth PKR 5 million or better.
Today, depending on revenues generated, the CGT is imposed under many tax plates, ranging from 2.5 to 10 percent.
Read more: FBR released recent figures on real estate projects listed under amnesty program
According to government sources, the move was part of efforts to simplify the Immobilien Tax Regime for fiscal year 2021-2022. (FY22). Finance Minister Shaukat Tarin announced this action during the budget session and found it essential in the current fiscal year to adjust business losses
However, the realtors and developers are upset about the proposed tax system. The insiders in the real estate sector have recognized the development to create obstacles for building company development.
However, the representatives of real estate companies have met before the budget with the Federal Revenue Board (FBR) to raise their concerns and meet with the Prime Minister to settle tax change issues.
Stay tuned with Tajarat Property for more updates or information about the top-notch real estate projects like Blue World City.