Budget 2024-25: New Property Tax Rates Proposed in Upcoming Budget with Filer vs. Non-Filer Rates

The revised tax rates seek to incentivize tax filing while ensuring that non-filers contribute proportionally higher towards national revenue goals.

ISLAMABAD: The upcoming budget for the financial year 2024-25 is set to introduce revised tax rates on property purchases, with differentiated rates for filers and non-filers.

Sources indicate that under the proposed tax reforms, individuals purchasing property valued at Rs 5 crore may face a tax rate of 3% if they are filers, while non-filers could be subjected to a higher rate of 6%.

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The tax structure is expected to include progressive slabs: properties valued between Rs 5 to 10 crore may incur a 4% tax for filers and 12% for non-filers. For properties exceeding Rs 10 crore, the proposed tax rates are 5% for filers and 15% for non-filers.

The budget proposal aims to streamline property tax collection by introducing upfront tax payments in three distinct slabs based on property value. This initiative is part of broader efforts to bolster government revenue and encourage tax compliance.

The revised tax rates seek to incentivize tax filing while ensuring that non-filers contribute proportionally higher towards national revenue goals. The final details of these proposals will be disclosed during the budget presentation, shaping fiscal policy for the upcoming financial year.