Tax Regime Revision on Cards for Real Estate Sector
According to press sources, the government may alter the tax structure for the real estate sector in the upcoming fiscal budget (2021–2022). The modification will bring in an extra PKR 8 billion for the national coffers.
Officials from the finance ministry claim that applying the “regular tax regime” to non-transferable/immovable property with a value greater than PKR 20 million will result in an increase in yearly revenue of PKR 4 billion.
The government may also change the way it taxes rental income from properties, which would bring in an additional PKR 4 billion.
However, according to the sources, the government would likely make a lot less money by raising property valuations to more accurately reflect their fair market value than the total tax revenue of PKR 8 billion predicted from these two metrics.
According to a study, the current Capital Gains Tax (CGT) rate for the income bracket with the highest income of above PKR 15 million is merely 10%. In contrast, if a person’s annual income is between PKR 15 million and PKR 30 million, they must pay income tax at a rate of 27.5%.
The source claims that the national treasury is paying a heavy price for the downward modification of property valuation figures.
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