Real Estate market insists on tax levy at provincial rates
LAHORE: The realty sector of Punjab has asked Federal Finance Minister Ishaq Dar to levy taxes on property rates set by the province instead of evaluations made by the Federal Board of Revenue (FBR) as new assessments have increased the cost of property transactions by up to 400%.
“The realty sector is in chaos since the announcement of new taxes and revised property valuations,” said Mian Talat, former president of the Defence Housing Authority Estate Agents Association, Lahore.
The new taxes imposed by the federal government to boost its revenue stream had proved counter-productive for the national exchequer as fewer transactions in the current fiscal year led to a fall in the federal and provincial tax collections, he added.Read More »Real Estate market insists on tax levy at provincial rates