Islamabad: Finance Minister Miftah Ismail on Tuesday (June 21) assured non-resident Pakistanis (NRPs) of tax relief in terms of capital gain tax on real estate assets, news sources reported. The minister asked the Federal Board of Revenue (FBR) to devise a separate mechanism to facilitate non-filer NRPs to revive business activities in the country.
Reportedly, a delegation from the Defence Housing Authority (DHA) Estate Agents Association (EAA) met with the minister on Tuesday in Islamabad. The delegation urged the minister to consider new measures to assist the country’s realtors, citing their role in the economy’s revival. The minister told realtors that the government will help them with tax relief and regularisation, as they are part of one of the most vital sectors.
It is worth noting that the government has suggested regularising taxes in the real estate sector by changing the Capital Gains Tax (CGT) and Income Tax on plots valued at PKR 25 million or above. In a related development, FBR has also moved ahead with the new luxury taxes on houses measuring one kanal and above.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
