Posted in all LRE WhatsApp Groups by me earlier today
Many friends are keep insisting me to give new taxes rates comparison from past year and my take on impact of taxes after market opened this Monday . I am still waiting for more details and also because things are going to be changed to positive side soon anyway. Let's wait for at least one week for an accurate assessment of market reaction and many DC rates new tax rate on empty plots notifications etc. Even
DHA Lahore is doing transfer today at old DC rate as new notification perhaps not officially reached to them yet. So Plzzzzz wait and relax and enjoy . Good news soon may change whole game plan.
*Govt already panicked a lot due to market reaction like a complete halt in any property transactions. Have called meeting of all stake holders mainly cancelation of billions worth deals etc and angered all serving and retired military officers as DHAs in all cities are getting hurt most and get nothing from additional collected taxes. Imagine each officer seeing a deal canceled or having 20 lacs injection in a day on each plot with Govt ill planned property taxes :). Dar sahib told by friends hath howla rakhu sir gee. Govt also very afraid and have realized now tax collection could be less than half of last year if nothing done to reverse changes very fast.
Wait for good news of tax rates reduction or possibly a complete reversal of all changes very soon. As soon as next month if not next week.
Among many other proposals a *Strong workable proposal in discussion to get a flat 2 % capital gains tax (Federal CGT) on current fair market rates at transfer time from sellers regardless when and at what price a property was bought. All money after paying 2% will be white now :)* (Fair market price to be fixed by State Bank evaluators in advance like DC rates). Simple and acceptable to all stake holders.
This is or may be was a bigger blunder of Govt than freezing foreign currency accounts in past and hurting foreign remittance in past. They have shaken conference of expatiates people in Pakistan property market very badly already.
I am also attaching some important ongoing tax issues reads in PDF format for only boring people like me :)
Enjoy
Choudry Mujahid Yasin (CMY)
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