Taxation of immovable property
The National Assembly through the Finance Act 2012 amended section 37(5) of the Income Tax Ordinance, 2001 [“the Ordinance”] and for the first time levied capital gains tax (CGT) on…
Services’ & immovable property income taxation
The taxation of “services” mentioned in section 153(1)(b) of the Income Tax Ordinance, 2001 [“the Ordinance”] with effect from tax year 2020 is subjected to “minimum tax regime” in cases…
Taxing immovable property
When the Prime Minister unveiled his economic reforms package on 5 April, 2018 one of the components was a major initiative to correct the valuation of real estate for the…
Taxing immovable property
When the Prime Minister unveiled his economic reforms package on 5 April, 2018 one of the components was a major initiative to correct the valuation of real estate for the…
Taxing immovable property
Post-18th amendment, who has the right under the Constitution to levy income tax on gain of immovable property? The federal government, through Finance Act 2012, amended section 37(5) of the…
Deconstructing the property tax
One of the significant measures to meet the demands of the International Monetary Fund is the tax revenue target of Rs7,004 billion of the Federal Board of Revenue for FY2022-23,…
Women’s property rights
Pakistan has had a dire record of providing women with their rights to inheritance and property. Even though the right to acquire, hold and possess property is protected by the…
Budget a damp squid; capital gains tax on property an Eid gift for the taxman
There were no fireworks in the parliamentary debate on Budget. The treasury was as disinterested as the opposition. Lack of quorum had to be pointed out during the Accountant's winding-up…
Reforming the urban property tax in Punjab
Roads, streetlights, policing and sanitation are some of the services for which governments levy the property tax in cities and towns. The urban property tax collected in Punjab, however, is…
A chronic state of policy errors
Pakistanis are living in an era of shocking price hikes, staggering inequality, volatile markets and oligarchic politics. The country faces intractable inefficiencies in almost all sectors including energy, agriculture, finance,…
