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.
Non-Filers to face additional withholding tax on Property transactions in upcoming budget
