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حکومت کا اسلام آباد میں واقع فارم ہاؤسز پر ٹیکس لگانےکا فیصلہ
According to details, there shall be a luxury tax levied on properties belonging to different categories within Islamabad Territory.
The Federal Govt is considering imposing a luxury tax on houses located within the limits of Islamabad Capital Territory (ICT) under the next fiscal year budget (FY21).
In the residential category, sources said that Rs100,000 tax would be levied on 2-4 kanal houses having a covered area of more than 6,000 square feet, while Rs200,000 tax has been proposed for 5 kanal or above houses with a covered area of over 8,000 square feet.
Meanwhile, in the farmhouse category-I, sources said that there would be no tax on a four-kanal property. However, an annual tax of Rs25 per square foot (covered area) has been proposed for farmhouses having a covered area between 5,000 to 7,000 square feet.
Likewise, Rs40 tax per square foot has been proposed for farmhouses with a covered area between 7,000 to 10,000 square feet, while Rs50 tax per square foot has been recommended for farmhouses having a covered area of over 10,000 square feet.
In the farmhouse category-2, sources said that there would be no tax on a four kanal property but an annual Rs60 per square foot tax has been proposed for farmhouses with a covered area between 5,000 to 7,000 square feet.
Meanwhile, Rs70 tax has been recommended on farmhouses with a covered area between 7,001 to 10,000 square feet and Rs80 tax on farmhouses with a covered area of more than 10,000 square feet.
Sources said the above-mentioned taxes shall not be applicable on houses occupied by widows, adding that the ICT’s Excise and Taxation Department has been tasked to collect the said tax in a prescribed manner.
If the parliament approves this tax, the Islamabad administration would receive billions of rupees on a yearly basis, they added.
Meanwhile, sources said the government was also considering an increase in the wealth tax rate up to 5pc on all slabs keeping in mind the current economic situation.
It is pertinent to mention that the wealth tax has no connection with the amount of income tax paid. A person is required to pay a certain amount of wealth tax, irrespective of the quantum of income tax paid.
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