Golden Opportunity? Government Considers Abolishing Property Transfer Tax in Pakistan
In a strategic initiative poised to invigorate the real estate market, the federal government is preparing to eliminate the property transfer tax—specifically, the Federal Excise Duty (FED)—on the transfer of plots and commercial properties as part of the forthcoming Finance Act 2024. What is the rationale behind this? The tax has not been performing adequately, […]
PBC opposes tax relief for real estate
ISLAMABAD: The Pakistan Business Council (PBC) advised Prime Minister Shehbaz Sharif on Friday not to help the realty sector, a key source of illicit money, while the government finalizes tax cuts. The PBC wrote to the PM that despite acknowledging his government’s economic stabilization efforts, real estate tax regulations should not be changed. However, it […]
FBR’s Game-Changing Move: Non-Filers Can Now Buy Properties Up to PKR 1 Crore
The Federal Board of Revenue (FBR) has made a historic announcement that would upend Pakistan’s real estate market: Non-filers can now buy properties up to PKR 1 crore (10 million). This change in policy has the potential to stimulate the real estate market and open up new investment opportunities. Why should you pay attention? Increased […]
Construction relief has been extended by the Govt
ISLAMABAD: Prime Minister (PM) Imran Khan has said the construction sector saw remarkable development as projects worth Rs186 billion were registered in 2020, ARY News reported. During his address to the nation on New Year’s Eve, to apprise the nation of his government’s achievement, PM Imran Khan said construction projects worth Rs163 billion have started […]
Immovable property fund and transfer of Immovable property fund charges Abolished by DHA
Good News for DHA Plots and house Owners. DHA has abolished Immovable property fund and transfer of immovable property fund (IPF and TIP) for DHA Phase 1 to 9 town possession plots. IPF & TIP charges for houses are reduced to 1.5% of DC value,previously it was 3% of DC value. Considering the increased tax […]
Good news for Overseas Pakistanis
This news is to inform that a major breakthrough has been made that overseas Pakistanis can now easily procure properties in DHA. The new form issued by DHA is below This means would be no restriction on overseas Pakistanis to buy property worth over PKR 5 Million irrespective they file taxes in Pakistan or […]
Application Of Tax Amnesty 236 W
The circular said that Section 236W inserted through the Income Tax (Amendment) Act, 2016 mandates that every person responsible for registering or attesting transfer of any immovable property, shall, at the time of registering or attesting the transfer collect from the purchaser or transferee an advance tax at the rate of 3 percent of the […]
Finally Tax Amnesty For Real Estate
Finally Tax Amnesty For Real Estate A subcommittee of the National Assembly Standing Committee on Finance formalized its recommendations after holding discussions with representatives of the real estate sector. Before holding the meeting, committee members took the input of Finance Minister Ishaq Dar and Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan. The […]
FBR Fair Market Property Values DHA Lahore
FBR has finally published fair market values for DHA lahore and other societies in Lahore. This fair market price is almost 30 to 35% more than the previous DC values in case of residential plot prices and 200 to 250% more in case of commercial plot prices. The Government has also reduced the CGT time […]
Breakthrough Achieved Regarding Property Tax
We are now receiving confirmed reports of breakthrough in talks with the Government Officials regarding real estate taxes imposed in budget 2016-17. As promised today the meeting was held between representatives of real estate sector and Mr, Haroon Akhtar (Adviser to Prime Minister) and an appointed panel of FBR officials which ended on a positive […]
No Breakthrough in Real Estate Tax Pakistan
No Breakthrough in Real Estate Tax in Mondays Meeting Representatives of Real estate associations from all over Pakistan met Government officials today to discuss the ongoing issue of increase of real estate tax in the Budget 2016-17 . It seems like there has been some positive development about the real estate tax in Pakistan. It is […]