Finance Minister Ishaq Dar on Monday clarified the government’s plan regarding the newly envisioned property tax laws, saying “we haven’t announced any amnesty scheme regarding the transferring of property”.
The Federal Board of Revenue (FBR) will now determine the prices of property and all transactions will be done through a transparent process, said Dar in an interview with a private news channel.
The finance minister had recently announced that in future property valuation tables will be notified by the FBR.
Further explaining the government policy, Dar said that Capital Gain Tax (CGT) collection tables will now be formed by FBR which will then be shared with the provinces.
“We will ask the provinces to implement our policies as they will benefit from them, the provinces will also be able to lower their tax percentage in this way.”
Previously the CGT was being charged as per the property evaluation table notified by the district collectors (DCs). The rates of property in the official evaluation table are usually 40pc-60pc lower than the actual market price.
Dar also claimed that Pakistan doesn’t need support from International Monetary Fund (IMF) anymore.
“Pakistan will soon stop looking towards IMF for assistance. It is the last session with the IMF underway right now,” said the finance minister.
We will not go to IMF for assistance, Dar added.
He went on to say that by 2050 Pakistan will become the 18th biggest economic nation across the world.
A senior IMF official had said that Pakistan’s economy was gradually gaining strength and its short-term vulnerabilities were also receding.
