ISLAMABAD ( WNAM REPORT ): Official Coordinator of the Islamabad Estate Agents Association and Chairman of the Youth Committee of ICCI, Engineer Usman Nawaz Basra, has said that reports regarding the government’s plan to provide tax relief to the real estate sector in the upcoming federal budget are highly encouraging.
He stated that proposals are under consideration to reduce the tax rate on property purchases from 1.5% to 0.25% and the tax on property sales from 4.5% to 1.5%. If the government reduces various taxes imposed on the purchase and sale of properties, including withholding tax, capital gains tax, and other additional financial burdens, it will not only revive the real estate market but also generate positive outcomes for the national economy.
He further said that if the government announces a reasonable reduction in taxes on property transactions in the budget, narrows the gap between filers and non-filers, and introduces investor-friendly policies, it will help restore the confidence of both local and overseas Pakistani investors. As a result, investment in the real estate sector will increase, leading to greater construction activity and the creation of new employment opportunities across the country.
