Real Estate Sector Rejects New Tax Rates
Lahore: The Real Estate Agents Association (REAA) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) have rejected additional real estate levies.
The leaders of the federation told the media that a 20% gain tax on property and up to 35% levies by combining other taxes on incomes exceeding Rs5 million were unacceptable.
The convener informed the reporters that as a result of the construction sector’s activity, approximately fifty other sectors would also become active and new employment possibilities will be generated for the people.
Hasrat added that previously, there was only a ten percent gain tax, which was reduced to seven and a half percent in the second year, five percent in the third year, and zero percent in the fourth year, whereas the current proposed tax will always have to be paid, preventing the sale and purchase of property, preventing the investment of billions of rupees, and leaving millions unemployed.
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