What sort of properties are taxable in islamabad? Whether the tax has to be paid every month or once during sale or purchase? What is the ratio of property tax?
Property taxes are quite high inside ICT area. Any developed plot measuring 250 sq. Yds (10 marla) and above is taxable at time of purchase. Apartments, regardless of covered area are also liable for taxation at time of purchase. As a seller, taxation is dependent on whether you are an active taxpayer or not.
Taxes in Islamabad has already been raised by current government especially for non-filers and I think in future they will go up further as CDA is responsible to drive revenue for their own budget which currently stands at 45 Billion for 2014-15 and expected to go up as well.
If things stays on the same course for few more years, I think people and small business will start moving out of Islamabad for sure as burden of taxes will be horrible compared to other cities.
Imran Sb,
You are right, the taxes have been increased alarmingly high but there is no check and balance as the owner will declare the sale value by himself...
Regards