Government May Revise Realty Tax Plan
To raise an additional Rs 8 billion in revenue (about 27% of what it can earn by raising property valuations in only Islamabad) the government may streamline the tax structure on the real estate sector in the upcoming budget.
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The gains from immovable property that exceed Rs 20 million may be subject to regular taxation in order to raise an additional Rs 4 billion in taxes, according to sources in the finance ministry who spoke with the concerned officials. For income levels beyond Rs 15 million, the current Capital Gains Tax (CGT) rate is merely 10%.
In contrast, if an individual’s annual income is between Rs. 12 million and Rs. 30 million, he must pay taxes on 27.5% of that amount.
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The local administration’s April 29 notification did not take into account the recent sharp increases in prices in the Islamabad metropolitan area.
He said, “An internal exercise was conducted once more, and rates were compared with Rawalpindi before being revised with government approval.”
The ICT government dramatically decreased the rates rather than accepting them, which resulted in a Rs 30 billion loss in revenue each year.
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