ISLAMABAD: Pakistan has assured the International Monetary Fund (IMF) to bring the real estate sector under the tax net, under which non-filers will be taxed on the purchase and sale of property.
According to the details, the government has assured the IMF to bring the real estate sector in the tax net and register all the housing societies. Apart from this, the government has proposed to increase the tax on the purchase and sale of property for non-filers, while it has also been proposed to purchase property through bank transfer instead of cash.
According to Finance Ministry sources, on the third day of economic review talks between Pakistan and the IMF, the government assured to bring the real estate sector into the tax net.
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Sources say that the budget for the new financial year will include important initiatives related to the real estate sector. The IMF has also assured the registration of all housing societies, coordination will be created between the federation and provinces for tax on real estate sector, registration of property agents, tax on sale and purchase of files has been proposed.
The budget for the new financial year will include important initiatives related to the real steel sector.
