Habib replied on Wednesday, January 12, 2011 11:39 AM
Wealth Tax was there is pakistan about 20 ys ago then it was lifted due to Unknown reasons, The most important reson to lift was to prevent Capital Flow.
In India it is still there and if Pakistan gets it will be similar Formula, You have to fill a form showing the worth of all your Holdings including plots Bank Balance etc, [Usually Your House is exempted] In India first 3,000,000 Is exepted and more than that you have to pay 1.2% annualy , So if total worth is 23,000,000 You will pay on 2 Cror and that is 2.4 Lac anuualy.
It like 1/2 of Zakat
In some european countrues it is just 0.5 percent.
If it is imposed it will be determental for the Country, That is why big people buy plots more in the name of their wives realtives and children etc |
