I recently moved to Pakistan from the Middle East and have been looking to buy a house in Islamabad. There are a number of good projects both residential and commercial which are
under construction and look promising. Similarly an international residence project being constructed on the Kashmir Highway has caught my eye.
What I am concerned with is the new tax regime on property sector imposed by the FBR. I have miniscule knowledge about how the property tax system functions in the country, but I have learned that the tax situation right now is not at all favoring the builders and sellers. There is apparently an increase in Capital Gains tax because of which sellers are being forced to raise prices of immovable property.
Through your esteemed publication, I would suggest that the ruling government should work towards a concrete tax framework and also take steps to facilitate builders, buyers and sellers so investment and housing becomes a smooth process and those looking to buy property can do so confidently.
Zohaib Ahmed
Islamabad
