How is CGT calculated now? I found this news on Zameen.com today that details it as such:
'Similarly, according to the explanation of capital gains tax (cgt), the total annual gains from the sale of property each year will be counted towards the calculation of cgt. So, here’s how cgt will now be calculated:
Where the annual gains (from disposal of immovable property) are less than pkr 5 million: 5% of the gains will be taxed as cgt.
Where the annual gains exceed pkr 5 million, but do not exceed pkr 10 million: 10% of the gains will be taxed.
Where annual gains exceed pkr 10 million, but do not exceed pkr 15 million: 15% of the gains will be taxed.
Where annual gains exceed pkr 15 million: 20% of the gains will be taxed.
Additionally:
100% of the gains will be counted as taxable if the property is sold within the first year of purchase;
75% of the gains will be counted as taxable, if sold after the first year.
Finally, CGT will not be collected:
If constructed property is sold after four years of purchase.
If the plot is sold after eight years of purchase.
Https://www.Zameen.Com/news/rental-income-new-brackets-introduced-taxes-raised-to-35.Html
There have been so many conflicting reports and changes recently that it becomes confusing. So, to be clear, now we will be paying CGT per year on the cumulative amount of gain through sale of property in that year?