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Government decides to reduce Gains Tax on properties

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حکومت نے غیر منقولہ جائداد (پلاٹوں اور گھروں ) کی خریدوفروخت پر عائد کیپیٹل گینز ٹیکس میں کمی کا فیصلہ کر لیا۔

Cutesy: Duniya News

Islamabad: Government has decided to reduce Capital Gains Tax on immovable properties. After approval from ECC and Federal Cabinet, it will be implemented within a month’s time. It is expected that the tax will be reduced by thirty to fifty percent.

Capital gains tax imposed in budget 2019-2020 is as under;

  • If the profit on purchase price is up to five million rupees (50 lakh), CGT is 5% on the net gain.
  • For capital gains between 5 million to 10 million rupees, CGT is 10%.
  • For gains between 10 million to 15 million rupees, CGT is 15% and on the gains above 15 million rupees, CGT is 40%.

Due to very high percentage of Capital Gains Tax, public is mostly using different ways to avoid tax and government is losing tax amount as a result. Therefore, government has decided to bring it down to reasonable level.

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