{"id":39384,"date":"2024-06-12T10:39:02","date_gmt":"2024-06-12T05:39:02","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=39384"},"modified":"2024-06-12T13:26:06","modified_gmt":"2024-06-12T08:26:06","slug":"govt-to-increase-taxes-on-property-for-filers-and-non-filers","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/pakistan\/govt-to-increase-taxes-on-property-for-filers-and-non-filers\/","title":{"rendered":"Budget 2024-25: Govt to increase taxes on property for filers and non-filers"},"content":{"rendered":"<p>ISLAMABAD: To raise the cost of doing business for non-filers, the Federal Government of Pakistan, on the orders of the International Monetary Fund (<a href=\"https:\/\/dailyausaf.com\/en\/business\/significant-progress-achieved-in-pakistan-loan-talks-imf\/\">IMF<\/a>), would increase tax on the sale of property for both filers and non-filers in the budget that will be announced on Wednesday(today).<\/p>\n<p>According to sources, the administration has finalized negotiations with the IMF on tax reform proposals that will be unveiled in today&#8217;s budget statement.<\/p>\n<p>According to sources, non-filers may eventually face higher taxes, as it is intended to raise the withholding tax on property transactions from the existing rate of 3 to 4 percent on various investments.<\/p>\n<p>Meanwhile, the planned rise in withholding tax on property purchases for non-filers is 20 to 25 percent.<\/p>\n<p>According to sources, investments will be divided into three categories: up to Rs. 50 million, Rs. 50 million to Rs. 100 million, and more than Rs. 100 million.<\/p>\n<p>Sources stated that the government expects to collect up to Rs. 70 billion from the property industry in the coming fiscal year.<\/p>\n<p>Earlier, the IMF had directed Pakistan to impose progressive rates ranging up to 35 percent for filers and non-filers however reportedly government has revised its working.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ISLAMABAD: To raise the cost of doing business for non-filers, the Federal Government of Pakistan, on the orders of the International Monetary Fund (IMF), would increase tax on the sale of property for both filers and non-filers in the budget that will be announced on Wednesday(today). According to sources, the administration has finalized negotiations with [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":39385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18476,2],"tags":[1247,18466,18465,18467],"class_list":["post-39384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-2024-25","category-pakistan","tag-international-monetary-fund","tag-federal-government-of-pakistan","tag-govt-to-increase-taxes-on-property","tag-govt-to-increase-taxes-on-property-for-filers-and-non-filers"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=39384"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/39384\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/39385"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=39384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=39384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=39384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}