Islamabad: The Pakistan Government, under IMF directives, will hike taxes on property transactions for both filers and non-filers to raise the cost of doing business for non-filers in the upcoming budget announcement. The news has been sourced through an article on June 12.
According to the sources, it has been indicated that non-filers will see a significant increase, with the withholding tax on property sales proposed to double from the current 3-4%. Additionally, the withholding tax on property purchases for non-filers is set to rise by 20-25%.
The tax adjustments will apply to three investment categories: up to PKR 50 million, PKR 50-100 million, and above PKR 100 million. The government aims to collect up to PKR 70 billion from the property sector in the next fiscal year. Initially, the IMF recommended progressive rates of up to 35% for filers and non-filers, but the government has revised this plan.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
