Islamabad: The Islamabad Real Estate Agents Association (IREAA) Sardar Tahir Mahmood met the outgoing State Minister for Finance Rana Afzal, Special Assistant to Prime Minister on Revenue Haroon Akhat and Federal Board of Revenue Chairman Tariq Pasha, a news source reported.
The Prime Minister had announced that all taxes on buyers will be removed and they will have to pay only 1% tax each on both federal and provincial levels. However, two of the provinces have so far not agreed to the proposals.
Moreover, the government will need to form a special department for buying back undervalued property. So the old taxation will be applied on sale or purchase of property until a notification, the IREAA representatives have claimed.
