Islamabad: The district administration’s revenue department has sent notices to the developers of 100 approved and unapproved housing schemes in the federal capital for the collection of Capital Value Tax (CVT), according to a news source. Islamabad Deputy Commissioner Hamza Shafqat issued the orders to this effect.
The collection of CVT from private developer had remained on hold since its imposition in 2012 after some private developers procured a stay order from the court. As per the original notice issued the same year, the CVT applicable on transfer of 1-kanal land in Islamabad’s rural area was PKR 60,400.
The case was finally taken by Revenue Additional Deputy Director Dr Hassan Waqar Cheema. The court recently gave ruling in favour of the revenue department, after which it commenced with the CVT collection process.
Within three weeks of the court’s verdict, the revenue department had collected PKR 60 million. The department has set a recovery target of PKR 80 million for the next month.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
