Pakistan’s economic situation directly impacts the Federal Board Of Revenue (FBR) taxation structure. The economy of Pakistan is a slowdown in 2022, and it affected the taxation system of FBR badly. The increased taxes and duties have also severely affected the real estate industry.
After the economic crisis, the government of Pakistan imposed heavy taxes and duties on properties. This has left the real estate industry in a condition of uncertainty and fear. The government imposed taxes on property registration, transfer fees, stamped paper duties, etc. These taxes have increased the overall cost of property transactions. A record increase in taxes, duties and stamp paper rates brought the flourishing real estate market to a standstill.
After a regime change, the new government drastically raised taxes for both filers and non-filers. Registry taxes rose from 5 to 9% for registered property owners (filers), while those non-filers bear the 15% rise in registry taxes. These dramatic changes led to soaring prices in real estate that deterred potential investors and caused stagnation in the market.
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However, now it is expected the government will reduce property taxes and facilitate the investors to grow the real estate industry. Although It is not officially announced yet. But the reports from some trusted sources predict the taxes will be reduced to facilitate the investors and the people affiliated with the real estate industry.
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If the government reduces these extra taxes, the real estate market will flourish again. It will be a great relief for the investors. And these expectations are welcomed by society as well. The FBR has also taken some steps to make the tax collection process more transparent and efficient.
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