ISLAMABAD: The federal government has been considering a major step to boost the property sector in Pakistan including the reduction in property taxes.
Finance Minister Muhammad Aurangzeb and top FBR officials held a meeting where proposals regarding the revival of real estate were considered.
According to FBR sources, the government is considering reducing tax rates on property transactions, however, the IMF will be taken into confidence before the decision.
Following the approval from global lender, a comprehensive package will be introduced for the real estate sector, the main objective of which will be to boost this sector.
As per detail, it is proposed to reduce the advance tax for filers from 4% to 0.5%. A significant tax reduction is expected on properties worth more than Rs 100 million.
As per sources, the FBR has started working on a comprehensive package for the real estate sector
Furthermore, a comprehensive package will be introduced for the real estate sector, while the Prime Minister has also directed to reduce the tax rate.
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