In a bid to revive the country’s struggling real estate sector, the government has finalized several proposals aimed at boosting investment and job creation. Recognizing the sector’s critical role in economic growth, authorities are introducing tax cuts and easing property transactions, particularly for non-filers and overseas Pakistanis.
According to sources, the key proposals include:
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- Allowing non-filers to purchase property worth up to Rs10 million
- Reducing tax under Section 236C on property sales
- Lowering property transaction tax from 4% to between 1.5% and 2%
- Cutting the tax on property purchases from 3% to 0.5%
- Enabling overseas Pakistanis to register online with NADRA for property dealings
- Permitting filers to declare property worth Rs50 million in their wealth statements
Media reports indicate that Prime Minister Shehbaz Sharif formed a task force to revitalize the construction industry. The Ministry of Housing and Works has submitted these recommendations to the Federal Board of Revenue (FBR), with the initiative expected to spur economic activity, generate employment, and attract investment.
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