{"id":7789,"date":"2014-06-05T12:04:32","date_gmt":"2014-06-05T07:04:32","guid":{"rendered":"http:\/\/www.zameen.com\/blog\/?p=7789"},"modified":"2020-09-23T17:21:11","modified_gmt":"2020-09-23T12:21:11","slug":"budget-2014-15-and-the-property-sector","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/budget-2014-15-and-the-property-sector.html","title":{"rendered":"Budget 2014-15 and the property sector"},"content":{"rendered":"

\"budget2\"<\/a>The Federal Government of Pakistan has announced its budget for the fiscal year 2014-15 and analysts are busy gauging its potential effects on the economy. The government has introduced additional taxes of Rs 231 billion, and the property sector, too, has been led to add its share in those taxes.<\/p>\n

Last year, when the government introduced new taxes, especially the luxury tax, on the property sector, very few real estate analysts believed that it would actually affect buying-selling activity in the real estate market. And this is exactly what we saw over the last year where the value and demand for luxury properties in Category A went up instead of going down after the additional taxes were levied.<\/p>\n

In this year\u2019s budget, the government has announced the imposition of a 1% tax on immovable property for the compliant taxpayers and 2% for the non-compliant buyers. Tax on purchase of immovable property will be collected in advance and adjusted later. However, property valued at less than Rs 2 million, as well as properties in government housing schemes meant for overseas Pakistanis, will be exempt from this tax.<\/p>\n

To bring the property sector into the tax net, the government has been advised to keep a record of property sale and purchase and impose advance adjustable tax on the sale of immovable property. After seeing big investors least concerned about paying additional tax on luxury property, it has perhaps become clearer that they can be focused on more specifically to help the government widen its tax net.<\/p>\n

Giving leeway in the budget to the smaller investors is a positive sign and a clear indication from the government that it does not wish to bother those who have fewer resources to invested in the property sector. Tax exemption for overseas Pakistanis looking to buy land or houses in government housing schemes is a great step by the government, as it will encourage these potential investors to channel their capital into housing schemes financed by the government instead of heading towards the upscale localities of the major cities of Pakistan.<\/p>\n

The property sector in Pakistan needs serious reforms, not just to help the government come up with smarter ways to target potential taxpayers but also to help make the sector more transparent and easier for people to get involved with.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Government of Pakistan has announced its budget for the fiscal year 2014-15 and analysts are busy gauging its potential effects on the economy. The government has introduced additional taxes of Rs 231 billion, and the property sector, too, has been led to add its share in those taxes. Last year, when the government introduced new taxes, especially the luxury tax, on the property sector, very few real estate analysts believed that it would actually affect buying-selling activity in the real estate market. And this is exactly what we saw over the last year where the value and demand for luxury properties in Category A went up instead of going down after the additional taxes were levied. In this year\u2019s budget, the government has announced the imposition of a 1% tax on immovable property for the compliant taxpayers and 2% for the non-compliant buyers. Tax on purchase of immovable property will be collected in advance and adjusted later. However, property valued at less than Rs 2 million, as well as properties in government housing schemes meant for overseas Pakistanis, will be exempt from this tax. To bring the property sector into the tax net, the government has been advised…<\/p>\n","protected":false},"author":18,"featured_media":7797,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15018],"tags":[],"persona":[],"class_list":{"0":"post-7789","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-opinion","8":"cat-15018-id"},"acf":[],"yoast_head":"\nBudget 2014-15 and the property sector - Zameen News<\/title>\n<meta name=\"description\" content=\"The Federal Government of Pakistan has announced its budget for the fiscal year 2014-15 and analysts are busy gauging its potential effects on the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/budget-2014-15-and-the-property-sector.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget 2014-15 and the property sector - 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