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 Advertisement |
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
Read more on Latest Business News on Pakistanlounge.pk
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