Business

BUDGET 2022-23: All you need to know about property tax

BUDGET 2022-23: All you need to know about property tax

The coalition government released its budget for fiscal year 2022-23, which includes a Rs9.5 trillion spend in order to stabilise the economy and restart the delayed IMF programme.

The government has proposed raising taxes on immovable properties, among other things, in the 2023 budget.

The details are as follows:

S.no

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Holding Period

Rate of Tax

Open Plots

Constructed property

Flats

(1)

(2)

(3)

(4)

(5)

1.

Where the holding period does not exceed one year

15%

15%

15%

2.

Where the holding period exceeds one year but does not exceed two years

12.5%

10%

7.5%

3.

Where the holding period exceeds two years but does not exceed three years

10%

7.5%

0

4.

Where the holding period exceeds three years but does not exceed four years

7.5%

5%

RELATED: BUDGET 2022-23: Govt hs imposed a new tax on all cars worth more than Rs. 5 million

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Business

Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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