The new tax measures include record-high taxes on both plots and constructed lands to enhance revenue collection and establish a more equitable tax system.
Key changes involve increased Capital Gains Tax (CGT) and Advance Tax on property sales, impacting filers, late filers, and non-filers differently.
Capital Gains Tax Rates for Filers
Advance Tax on Sale of Immovable Property 2024
These changes are intended to simplify the tax structure across different types of properties, ensuring an equitable distribution of tax responsibilities based on property values and how long they’ve been owned.
Read More: United Motorcycles announces new affordable prices
Impact on the Real Estate Sector
Analysts foresee that the increased tax rates, notably the uniform 15% capital gains tax (CGT) on all properties, could deter speculative investments, thereby promoting market stability.
Nonetheless, there are apprehensions that these measures might also reduce overall market dynamics, potentially impacting associated industries.
![Lahore launches green transport system with electric buses [Images]](https://azaadenglish.com/wp-content/uploads/2024/12/Lahore-launches-green-transport-AzaadEnglish.jpeg)
