Karachi: A big news has come out regarding property and real estate in the country. Mohsin Sheikhani, Patron-in-Chief of the Association of Builders and Developers Pakistan (ABAD), gave a big news, he said that a new era in property is about to begin. The government is reducing taxes to increase investment on a large scale.
In his statement, Mohsin Sheikhani said that the government is reducing taxes on the purchase, sale and transfer of property for filers from 13 percent to 2 to 3 percent. Capital value tax, capital gains tax, federal excise duty, super tax and other taxes will be reduced and eliminated.
Mohsin Sheikhani said that the government is not imposing any new taxes on filers in the property sector. Bilawal Bhutto has appointed the Sindh IG to vacate encroachments on land. Taxes are being reduced to increase foreign investment in property.
He said that ABAD has given deals for low-cost residential schemes to foreign investors. They are making the slum in District South a model project with the city government. He said that a delegation from the slum will be called this week for an important meeting with the Prime Minister.
