Post Reply 
 
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Real estate business brought under tax net * New budget includes taxes on real estate transactions and rented propert
06-12-2008, 05:52 PM
Post: #1
Real estate business brought under tax net * New budget includes taxes on real estate transactions and rented propert
Real estate business brought under tax net

* New budget includes taxes on real estate development, real estate transactions and rented property

Staff Report

ISLAMABAD: The government has proposed taxes on the real estate business in the federal budget announced on Wednesday, bringing the sector under the tax net for the first time.

The proposed budget for the 2008-09 fiscal year requires builders to pay a Rs 50 per square foot tax on covered constructed area and land developers to pay Rs 100 per square foot of developed land.

The 2007-08 Finance Bill also includes a 25 percent tax on real estate transactions exceeding Rs 250 million, 30 percent on transactions exceeding Rs 350 million and a 35 percent tax on real estate transactions exceeding Rs 500 million.

The government has also proposed a five percent tax on rented property if the gross rent exceeds Rs 150,000, Rs 12,500 and 10 percent if the gross rent exceeds Rs 400,000, and Rs 72,500 and 15 percent if the gross rent is more than Rs 1,000,000.

If the property is owned by a company, a company tax of five percent will be charged if the gross rent is less than Rs 400,000, Rs 20,000 and 10 percent if the rent is more than Rs 400,000 and Rs 80,000 and 15 percent if the gross rent exceeds Rs 1,000,000.

http://www.dailytimes.com.pk/default.asp...008_pg7_54
Find all posts by this user
Quote this message in a reply
Post Reply 


Possibly Related Threads...
Thread: Author Replies: Views: Last Post
  FBR Mandates Monthly Property Transfer Statements for Immovable Property Transactions LRE-Azan 0 146 12-30-2023 05:32 PM
Last Post: LRE-Azan
  DG RDA Advocates Expansion in Real Estate Construction LRE-Azan 0 147 12-26-2023 05:42 PM
Last Post: LRE-Azan
  Market Pulse & DHA Files Rates By Lahore Real Estate September 22, 2023 LRE-Azan 0 303 09-22-2023 05:54 PM
Last Post: LRE-Azan
  Pakistan’s Real Estate sector has $40 billion Investment Potential LRE-Azan 0 265 09-20-2023 07:28 PM
Last Post: LRE-Azan
  FBR Plans Crackdown Against Cash Transactions In Real Estate LRE-Azan 0 244 09-20-2023 07:28 PM
Last Post: LRE-Azan
  Real Estate Agents in KPK Seeks Government Action on Tax Rate Revisions LRE-Azan 0 288 09-01-2023 07:43 PM
Last Post: LRE-Azan
  Pakistan Property News & Public Notice for Real Estate Sector 15th May 2023 LRE-Azan 0 527 05-15-2023 01:48 PM
Last Post: LRE-Azan
  Pakistan Property News & Public Notice for Real Estate Sector 7th April 2023 LRE-Azan 0 541 04-07-2023 05:18 PM
Last Post: LRE-Azan
  Market Pulse & DHA Files Rates By Lahore Real Estate April 03, 2023 LRE-Azan 0 581 04-03-2023 06:20 PM
Last Post: LRE-Azan
  Interim Relief From Deemed Income Tax On Real Estate Is Granted By The Supreme Court LRE-Azan 0 590 03-25-2023 06:11 PM
Last Post: LRE-Azan
  Property transactions generate PKR 81 billion in revenue Federal Board of Revenue LRE-Azan 0 764 01-24-2023 03:22 PM
Last Post: LRE-Azan
  Real Estate Industry in Pakistan Needs Tax Reforms for Growth and Prosperity LRE-Azan 0 797 01-20-2023 06:53 PM
Last Post: LRE-Azan
  Lahore Real Estate Ranked Top One and Won 1st Prize for Social Media Advertisement in LRE-Azan 0 1,024 06-01-2022 07:45 PM
Last Post: LRE-Azan
  Real Estate Sector Should Think Twice As A Number Of illegal Housing Societies LRE-Azan 0 1,144 12-15-2021 04:20 PM
Last Post: LRE-Azan
  Pakistan Real Estate & Property News LRE-Azan 0 1,134 11-22-2021 08:03 PM
Last Post: LRE-Azan
  Pakistan Real Estate & Property News LRE-Azan 0 1,072 11-18-2021 08:30 PM
Last Post: LRE-Azan
  Pakistan Real Estate & Property News LRE-Azan 0 1,081 11-18-2021 08:28 PM
Last Post: LRE-Azan
  Real estate scams - Bahria Town and DHA City LRE-Azan 0 4,008 10-01-2018 07:09 PM
Last Post: LRE-Azan
  10,000 New Property Developers Bring into the Pakistani Real Estate Market LRE-Azan 0 4,328 09-14-2018 03:19 PM
Last Post: LRE-Azan
  Tax Reforms 2018 Complete Details - Real Estate market LRE-Azan 0 3,726 09-05-2018 01:52 PM
Last Post: LRE-Azan

Forum Jump:


User(s) browsing this thread: 1 Guest(s)