Real Estate Sector Rejects New Tax Rates  


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01/07/2021 12:09 pm  

The Association of Real Estate agents and the Pakistan Chamber of Commerce (FPCCI) have rejected the new tax levied on the real estate sector.

Read: World Bank Offers $200 Million Credit Facility to Housing Sector

In an interview with the press, the federation's leaders said it was unacceptable to receive a 20% gain tax on property and tax of up to 35% by enclosing the club and other taxes on income over 5 million rupees.

The Convenor told the media that the construction sector's operations would also revitalize around 50 other sectors and create new employment opportunities for the people.

Hasrat earlier had only 10% percent gain tax which was reduced to 7.5% in year 2, 5% in year 3 and 0% in year 4, but now the proposed tax is always payable, and that's why the sale and purchase of property stops, investments of billions of rupees are blocked and millions of people will be unemployed.

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