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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,…

Reforming The Urban Property Tax In Punjab

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…

Low taxation of property

The recent revelation of massive investment in property by Pakistanis in Dubai of over $11 billion has not only raised issues of the exit of capital from Pakistan but also…

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

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…

Death and taxes

THE recently passed budget reveals three aspects about the present ruling regime. The first one is the external constraint of getting an IMF deal. It is clear that securing a new agreement, by any…