Finance Minister Assures Tax Relief for Realtors through Special Provisions
According to the latest news, Finance Minister Miftah Ismail assured tax relief for realtors and non-resident Pakistanis (NRPs). The relief will be given in terms of Capital Gains Tax on real estate assets of non-resident Pakistanis. Furthermore, the finance minister urged the Federal Board of Revenue (FBR) to create an independent policy for the facilitation of non-filer NRPs so that they can continue real estate country. This way the real estate sector of Pakistan will revive along with business activities.
That’s not all, a meeting between Finance Minister and the Defense Housing Society Estate Agents was also held on 21 June 2022 in Islamabad. A special delegation of DHA Estate Agents requested the Finance Minister to consider reviewing the current tax on realtors and introduce new policies to help the realtors of the country as they play a huge role to maintain the economy. Miftah Ismail listened to the requests of this delegation and assured them that the government will take a mandatory step to provide tax relief for realtors.
Also note, that new taxes have been implemented in the real estate sector and the government looks forwards to regularizing them through changes in the Capital Gains Tax. According to the budget 2022-2023, 15% CGT will applicable on properties worth more than PKR 25 million and above.
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