Government has increased immovable property rates of Federal Board of Revenue (FBR). Tax experts said that during current year different reasons of lack in real estate is that overseas Pakistani and non filers are not taking lot of interest in property investment due to taxes and other restrictions.
Now reports are that FBR is making plan to increase property official value and reduce property buying and selling tax.
According to the FBR government can achieve to four objectives.
- Those who earn money through proper channel they will invest in property.
- Property will register on market value, decrease stamp duty and increase provincial revenue.
- Property market value registration prices stable and actual buyer can easily purchase property.
- Enhance opportunity to increase industrial and business sectors as well as increase job opportunity and create great positive impact on Gross Domestic Product (GDP).
By Talha Pasha