Farakh Iqbal, Farakh Iqbal

Islamabad Estate Agents Association proposes reduction in CGT

Islamabad: Islamabad State Islamic Association (IEA) President Sardar Tahir Mahmood has suggested that the government reduce the tax committee (CGT) by 5% to the real estate revenue. He shared his suggestion by the EEE on 20 June before the post of the Senate Standing Committee.

Appeal Mahmood to the government to put the tax on the real estate sector to reduce taxes and present it to the industry. Sharing their proposal on the CGT, the IEEA president suggested that the sale of property in other slabs for vacancies would be reduced by 10 instead of five years. It is apart from its recommendation to reduce CGT by 5%.

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Commenting on the increase in the rate of FBB rates, Mahmood said that his association has proposed but instead has asked to reduce tax by 2% instead. In addition, he requests a reduction of 6% to 3% on property transactions.

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About the Amnesty Scheme, Mahmood proposed an extension in the last minute, which did not agree with the representatives of the Federal Board of Revenue. Instead, those who believe will declare their assets until June 30, for those people there was a decrease in additional charges.

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