The IMF suggests Pakistan to raised the advanced tax on the buying the any residential property in the coming budget. According to sources, the IMF asked the FBR to expand the advanced tax on those people who doesn’t pay taxes, and on purchase the immovable property.
IMF suggests Pakistan
During the current fiscal year, the FBR placed a 3% tax on filers and a 10.5% tax on non-filers, collecting Rs. 80 billion. The IMF is currently recommending that non-filers pay an increased advance tax on property purchases.
According to sources, the IMF proposed a 3% tax on filers and a 6-7% tax on non-filers on property purchases of up to Rs. 50 million.
Similarly, the bank recommended a 4% tax on filers and a 12% tax on non-filers on property purchases ranging from Rs. 50 million to Rs. 100 million.
Furthermore, the IMF advocated a 5% tax on filers and a 15% tax on non-filers for property purchases of more than Rs. 100 million.
According to sources, the IMF notified Pakistani authorities that it might recover more than Rs. 100 billion if parliament approved the planned plan for the next fiscal year.
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