Real Estate Tax System Revised to Boost Revenue
To boost revenue and assure compliance, Islamabad reportedly altered the tax system on real estate transactions. According to recent statistics, the total property sales tax for buyers and sellers who did not submit tax returns has risen to an all-time high of 18.5%.
Beginning on July 1st, there will be higher taxes associated with buying and selling homes, land, and other residential structures. The tax on property acquisitions made by non-filers has increased from 7% to 10.5%. Contrarily, a 6% tax, up from the prior 4%, will be levied on non-filers who sell real estate.
A one percent town tax and a one percent stamp duty based on the property’s valuation are included in the higher tax rates. Imran Migrani, the president of the Property Dealers Association, claims that the advance tax on taxpayers participating in real estate transactions has increased from 2.2% to 3.3%, which is applicable to both buyers and sellers.
The federal and provincial governments will now be charged an additional 8% tax on real estate transactions in addition to a 1% municipal tax and a 1% stamp duty.
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