Islamabad: Islamabad Estate Agents Association (IEAA) President Sardar Tahir Mehmood has proposed the government to reduce capital gain tax (CGT) on real estate gains to 5%, according to a news source. He shared his proposal before Senate Standing Committee on Revenue on June 20 on behalf of IEAA.
Mehmood request the government to reduce taxes levied on the real estate sector and give it the status on an industry. Sharing his proposal on CGT, the IEAA president suggested that the duration for property sale in the second slab for vacant plots be decreased to five years instead of 10. This is in addition to his recommendation for reducing the CGT to 5%.
Commenting on the proposed rise in the FBR valuation rates, Mehmood said that his association is for the proposed rise but requests the government to reduce the taxes to 2% instead. In addition to that, he request reduction in GST on property transaction from 6% to 3%.
Regarding the amnesty scheme, Mehmood proposed an extension in the deadline, which representatives of the Federal Board of Revenue didn’t agree with. Instead, what they did assure was reduction in surcharge for those who will declare their assets by June 30.
