Government Suggests Flat 5% CGT on Immovable Property
Islamabad: According to news reports, the government proposes to impose a flat 5% Capital Gains Tax (CGT) on the sale of immovable property valued at least PKR 5 million and bring property taxation under a “regular tax framework” in budget 2021-22.
Read More: What is 5 Marla House Construction Cost in 2023?
Currently, the CGT is subject to multiple tax brackets ranging from 2.5% to 10%, depending on the amount of revenue earned.
The decision, according to government officials, is part of an effort to simplify the real estate tax structure and fulfil revenue estimates for fiscal year 2021-2022. (FY22). During the budget session, Finance Minister Shaukat Tarin felt it necessary to revise the business losses for the current fiscal year.
However, realtors and developers are displeased with the proposed tax structure. Real estate sector insiders have identified the development as a move that will impede the growth of the construction industry.
Read More: Why Pakistan Needs Micro Apartments in 2023?
However, members of the real estate industry have met with the Federal Board of Revenue (FBR) prior to the budget to voice their concerns, and they are also set to meet with the prime minister to resolve the tax regime change issues.
For more information, please get in touch with Al Sadat Marketing.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Al Sadat Marketing please contact 0331 1110005 or visit https://alsadatmarketing.com/
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005
