Lahore: Chief Minister Punjab Chaudhry Pervez Elahi has fixed property transfer fees at 1 % across the province. His consent regarding reduction in the tax rate in a high-level session on Friday attended by Senior Member Board of Revenue Zahid Akhtar Zaman and the Principle Secretary to the Chief Minister. The CM said that the decision has been taken in the greater public interest and it would also add to the revenue generation in the province. He said that the decision to reduce the property transfer fee would promote construction activities in the province and would also create numerous job opportunities.
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Earlier in June 2022, the Federal Board of Revenue (FBR) through Finance Bill 2022, had proposed Rs 153 billion in taxes on immovable property. The proposed tax on deemed income from an unused property above Rs 25 million including luxury farmhouses have been introduced. The federal revenue body has also enhanced the capital gain tax from 2 percent to 5 percent for non-filers and from 1 percent to 2 percent for filers. Similarly, The Capital Value Tax at a rate of one percent is imposed on foreign immovable properties of Pakistani residents and a one percent tax on the liquid foreign assets of Pakistanis is proposed. The decision of the federal tax body has not gone down well with the real estate agents and builders who have termed it lethal for the real estate and construction industry.
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It is pertinent to mention here that the previous government had decided to give maximum relief to the real estate and construction industry. The PTI government believed that the promotion of housing and construction in the country would not only provide much-needed housing facilities to the low segment of society but will also play a vital role in the economic uplift of the country.