The aim of these adjustments is to further streamline the tax system across property categories, enhance revenue collection.
KARACHI: The government of Pakistan has implemented a massive tax hike in the budget to save the bailout package from the International Monetary Fund (IMF), which includes a record high tax on real estate.
As per the details, the authorities made major changes in tax rates for immovable property, increased capital gains tax and advance tax on sale of property.
Capital Gain Tax Rates for Property for Filers 2024
| Duration | All Properties |
|---|---|
| Up to 1 year | 15% |
| 1 to 2 years | 15% |
| 2 to 3 years | 15% |
| 3 to 4 years | 15% |
| 4 to 5 years | 15% |
| 5 to 6 years | 15% |
| Over 6 years | Flat 15% |
Advance Tax on Sale of Immovable Property 2024
| Property Value | Filers | Late Filers | Non-Filers |
|---|---|---|---|
| Up to Rs. 50 million | 3% | 6% | 10% |
| Rs. 50-100 million | 3.5% | 7% | 10% |
| Above Rs. 100 million | 4% | 8% | 10% |
Read More: Petroleum Retailers Get Relief as Govt Withdraws Controversial Tax
The aim of these adjustments is to further streamline the tax system across property categories, enhance revenue collection and ensure equitable taxation across different property values and tenures.
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