KARACHI – Pakistani government has rolled out massive taxation in budget to salvage bailout package from International Monetary Fund (IMF) with record-high taxes on real estate.
The authorities made major changes in tax rates for immovable property, raising Capital Gains Tax and Advance Tax on property sales.
| 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% |
These adjustments aim to further streamline tax system across property categories, enhancing revenue collection and ensuring equitable taxation across different property values and ownership durations.
Punjab Excise Dept to collect Property Tax on vacant plots after geo-tagging
