Govt urged to abolish taxes on property

The government should also end capital gain tax slabs on purchase of property, ICCI President

ISLAMABAD: ICCI President Sheikh Amir Waheed said that the government should abolish taxes on the purchase of property including capital value tax and stamp duty and impose only 1 per cent tax rate.

Discussing key issues of the real estate sector with Real Estate Consultants Association (RECA), DHA General Secretary Muhammad Ahsan Malik, who visited the Islamabad Chamber of Commerce and Industry (ICCI), said the prime minister had announced to reduce tax rate on the purchase of property to only 1 per cent, along with abolition of the DC rate and FBR rates, while provinces would also be recommended to adopt the same tax rate for property.

The government should also end capital gain tax slabs on purchase of property and introduce 5 per cent flat CGT, he said, adding the period of gain tax should also be reduced from 3 years to 2 years. Highlighting major issues of the real estate sector, RECA General Secretary Muhammad Ahsan Malik said cash of clients was deposited in the accounts of consultants and tax was deducted on the same. He urged that government should remove withholding tax on cash withdrawals.  

Published in The Express Tribune, May 6^th, 2018.

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