We are now receiving confirmed reports of breakthrough in talks with the Government Officials regarding real estate taxes imposed in budget 2016-17. As promised today the meeting was held between representatives of real estate sector and Mr, Haroon Akhtar (Adviser to Prime Minister) and an appointed panel of FBR officials which ended on a positive note.
Government has shown willingness to withdraw the appointment of evaluaters and the collection of taxes on FMV (Fair Market Evaluation) of property. Proposal to reduce CGT to 2 years instead of 5 years is also under consideration by the Government.
As Per confirmed reports several other proposals are under consideration by the government including, re-evaluation and increase of DC rates gradually over 5 years. Suggestion has also been given to give relief to the Tax filer and foreign investors.
This is good news for the stale real estate market. This is indeed a sigh of relief for millions of people attached with the real estate sector of Pakistan. However we will want you to wait till it is officially announced by the Government and put into effect.
We will update analysis on real estate after the complete details are received and the deal is approved by the Finance Minister.
Captain (Retd) Shahnawaz Yaqub Bhatti
Investment Consultant and CEO at Imlaak
Mob : +92 333 1717170 ( Whatsapp)
Skype : Shahnawaz.yaqub