ABAD claims major tax reductions to boost property investment
Mohsin Sheikhani, the Patron-in-Chief of the Association of Builders and Developers of Pakistan (ABAD), has stated that a new era for property investment is about to begin.
He was asked if the government is planning to reduce taxes in order to boost investment in the sector. In a statement, Sheikhani said that the government would reduce the tax on property transactions and transfers for filers from 13% to 2-3%.
He stated that other taxes, including Capital Value Tax, Capital Gains Tax, Federal Excise Duty, and Super Tax, would also be reduced or eliminated.
Sheikhani claimed that no new taxes would be imposed on filers in the property sector. He added that the government was also working to resolve issues related to land encroachments, with Sindh IG being tasked with clearing land occupied illegally.
'ABAD has proposed affordable housing schemes to foreign investors at lower prices,' he said. He also mentioned plans to collaborate with the city government to transform a slum area in District South into a model project.
Sheikhani further revealed that a delegation from ABAD would meet with the prime minister later this week to discuss further developments and strategic plans for the property sector.
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