On the condition of the International Monetary Fund (IMF), a proposal to impose tax in the property sector has come out in the upcoming budget.
According to the Federal Board of Revenue (FBR) sources, in the upcoming budget, it is proposed to levy tax on transactions of files in the property sector.
According to sources, agents dealing in plot transactions in housing societies will be registered and registered property agents will be taxed on transactions of files.
Sources say that the tax rate for non-filers buying and selling plots will be doubled in the budget, currently 2 percent withholding tax and 2 percent gain tax is levied on the sale and purchase of plots for filers.
According to the sources, 7% withholding tax and 4% gain tax is levied for non-filers on purchase and sale of plots.
The budget also proposes to increase tax for filers and non-filers on purchase and sale of plots.
Sources say that taxes are being evaded due to lack of tax mechanism for buying and selling files in plots.
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